State of Wisconsin Investment Board (SWIB) has approved a $100m (β¬84.6m) commitment to form a distressed hotel investment joint venture with Barings, according to the pension fundβs meeting document.
The pension fund told ΒιΆΉΣ³» Real Assets that the Barings Distressed Hotel Opportunity Venture is expected to invest in a variety of hotel assets including a βrange of product types focused on markets/submarkets with good underlying demand characteristicsβ.
All of the investments for the venture will be with existing assets.
βThe pension fund feels comfortable investing in hotels now based on its assessment of the pandemic rebound with the property type,β SWIB said.
Barings did not respond to a request for comment.
According to the meeting document, SWIB has also made a $215m co-investment to US Cities Office Fund, a Real Estate fund launched earlier this year. Nuveen declined a request for comment.
SWIB also issued a $300m commitment to Wilson Senior Finance, a construction loans fund managed by DWS.
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