# State of Wisconsin Investment Board

State of Wisconsin Investment Board is a Pension Fund based in Madison, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Madison, United States
- **Region:** North America
- **Address:** Madison, Wisconsin, United States
- **Founded:** 1951
- **Assets under management:** $194 billion (Altss estimate)
- **Website:** swib.state.wi.us
- **LinkedIn:** https://www.linkedin.com/company/the-state-of-wisconsin-investment-board
- **Wikidata:** Q30594145

## Regulatory record

- **Reports private funds:** No

## About

State of Wisconsin Investment Board (SWIB) manages assets of the Wisconsin Retirement System (WRS). It also manages the State Investment Fund (SIF) and other state trust funds. SWIB was established in 1951 as an independent agency of Wisconsin.

## Sectors

- Real Estate
- Private Credit
- Hedge Funds
- Secondaries & Special Situations
- Energy Transition & Renewables

## Questions

### Who runs investment decisions at SWIB?

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.

### How much of SWIB's portfolio is managed internally versus externally?

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.

### What is SWIB's relationship to the state of Wisconsin?

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.

### What kind of real estate portfolio does SWIB hold?

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.

### Is SWIB a signatory to any institutional governance or responsible-investment standards?

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.

### Does SWIB co-invest alongside other large institutional limited partners?

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.

## Related profiles

- [New York State Common Retirement Fund](https://altss.com/profile/new-york-state-common-retirement-fund)
- [Pension Fund Regulatory and Development Authority](https://altss.com/profile/pension-fund-regulatory-and-development-authority-pfrda)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/state-of-wisconsin-investment-board

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