The Wisconsin Retirement System (WRS) provides retirement benefits to employees of state and local governments, school districts, and the University of Wisconsin System. With approximately $130 billion in total assets managed by the State of Wisconsin Investment Board (SWIB), WRS is one of the largest fully funded public pension systems in the country.
Investment Strategy
SWIB manages the WRS portfolio across public equities, fixed income, private equity, real estate, infrastructure, private credit, and other alternatives. SWIB is known for its sophisticated approach to investing, including significant internal management capabilities and an active co-investment and direct investment program.
The alternatives portfolio is substantial and well-diversified. Private equity spans buyout, growth, venture, and special situations globally. Real estate includes both direct property investments and fund commitments. Infrastructure and private credit provide income and diversification. SWIB has been investing in private markets for decades and has built deep GP relationships.
SWIB manages a significant portion of its assets internally, which provides cost savings and direct portfolio oversight. The internal team includes specialists across all major asset classes.
How to Approach
GPs should engage with SWIB’s private markets team in Madison. SWIB is a sophisticated, active investor that can make large commitments and is also active in co-investments and direct deals. The team evaluates managers based on performance, strategy differentiation, team quality, and terms. Competition for SWIB capital is strong, so GPs should present a compelling and differentiated strategy.
Frequently Asked Questions
How large is SWIB's alternatives program?
SWIB allocates approximately 19% of its $130 billion portfolio to alternatives, representing roughly $25 billion across private equity, real estate, infrastructure, and private credit. SWIB is one of the largest and most sophisticated public pension investors in the United States.
What is SWIB?
The State of Wisconsin Investment Board manages assets for the Wisconsin Retirement System and several other state trust funds. SWIB has a large internal investment team and is known for its sophisticated approach to private markets investing.
How can GPs engage with SWIB?
GPs should contact SWIB's private markets team in Madison. SWIB manages one of the largest alternatives portfolios among U.S. public pensions and invests through primary commitments, co-investments, and direct deals. The team evaluates managers on performance, strategy, team quality, and alignment.
