Wisconsin Investment Board Allocates Over $2B to Alternative Assets

In the first quarter of 2023, the State of Wisconsin Investment Board (SWIB) contributed over $2 billion to alternative investments, roughly half of which went to hedge fund techniques.

Since 2022, the $149 billion investment fund’s alpha pool has transitioned from 90% hedge funds to a mix of multi-strategy funds and global equities programs. Hedge funds now account for $7.3 billion of the portfolio’s total value of $11 billion.

The alpha pool committments totaled just over $1 billion in the first quarter, including $300 million to Marshall Wace’s MW TOPS CTF; $250 million to Silver Point II; $200 million to Two Sigma’s WC VTF; $200 million to the BadgerMax Fund; $35 million to Clocktower; $30 million to Walleye WIF and $25 million to Four World Project Affleck.

Real estate investments, which have recently increased to $12 billion, saw additional pledges totaling $225 million across three entities. SWIB committed $100 million to Penwood Select Industrial Partners VII; $100 million to Partner Solutions/Wilson Joint Venture; and $25 million to HSREF VII Venture.

In the first quarter, $880 million was distributed across private equity funds and co-investments. Ashbridge Annex Fund I ($200 million); Cortec Group Fund VIII ($75 million); Gemspring III ($50 million); GTCR Fund XIV ($150 million); Hg Mercury IV ($38 million); Hg Titan 2 ($50 million); NGP XIII ($75 million); STG VII ($75 million); Tritium Fund III ($40 million); and Waterland Private Equity IX ($66 million).

Another $71 million was spread across various co-investments in industrial, healthcare, information technology and materials companies.