State of Wisconsin Investment Board

SWIB is governed by a board of trustees that includes state officials, appointed members with investment expertise, and employee representatives. Day-to-day investment decisions are carried out by an internal team of investment professionals organized across asset classes, though public sources do not name a single CEO or CIO with full investment discretion.

SWIB is unusual among large US public pension funds in internally managing the vast majority of its assets. The fund runs its own public equities, fixed income, and inflation-sensitive portfolios in-house, while using external management and direct co-investments selectively in private markets.

SWIB runs a hybrid private-markets program. The fund commits to private equity, venture, and credit funds as a limited partner, but it also executes direct co-investments — Dockside Platforms, a vehicle established in September 2023 alongside Walleye Capital, is one recent example of a direct, custom structure.

SWIB is an independent state agency created by the Wisconsin legislature in 1951. It is legally distinct from the state's general fund and operates under a board of trustees. Its sister agency, the Department of Employee Trust Funds, administers benefits for the Wisconsin Retirement System while SWIB has sole responsibility for managing the assets.

SWIB owns a direct real estate portfolio concentrated in Wisconsin. Holdings include mixed-use, office, residential, and industrial properties such as University Square in Madison, the North End in Milwaukee, 4703 Madison Yards Way, and SRE Wilson Industrial Holdings.

SWIB was a founding member of the Council of Institutional Investors and is a signatory to the Principles for Responsible Investment. It joined the International Centre for Pension Management in 2023 and co-presents the Madison Investment Conference with CFA Society Madison.

Yes. SWIB has partnered on co-investments with institutions including the University of Texas Investment Management Company, as revealed in the Dockside Platforms vehicle. Its co-investment activity spans growth equity, late-stage venture, and direct real estate joint ventures.