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Wisconsin Department of Employee Trust Funds
The Wisconsin Department of Employees Trust Fund (ETF) is the public pension system for Wisconsin state and local government employees, headquartered in...
Wisconsin Department of Employee Trust Funds
The Wisconsin Department of Employees Trust Fund (ETF) is the public pension system for Wisconsin state and local government employees, headquartered in Madison. The fund provides retirement, disability, and other benefits to participants through the Wisconsin Retirement System. Edwin Denson, appointed Executive Director and Chief Investment Officer in April 2021, leads the investment program alongside a dedicated team that includes Private Markets CIO Anne-Marie Fink and sector heads for private equity and real estate. The fund deploys across private equity, real estate, infrastructure, and a growing allocation to digital assets. The private equity program, led by Scott Parrish, oversees $22.5 billion in commitments, while Jason Rothenberg manages a $10.3 billion real estate portfolio spanning industrial, residential, and commercial properties. Confirmed positions include 1547 Data Center Fund III, RLIF Co-Investment Fund I, and Berkshire Bridge Loan Investors III. The fund has also gained exposure to Bitcoin through the iShares Bitcoin Trust (IBIT) and the Grayscale Bitcoin Trust (GBTC). Geographic concentration centers on the United States, with select industrial and technology investments extending the footprint. Beyond investment portfolios, the ETF anchors a direct real estate presence at 121 East Wilson Street in downtown Madison and operates the State Investment Fund (SIF), a short-term investment pool for Wisconsin public entities. The fund is a member of the National Conference on Public Employee Retirement Systems (NCPERS). In April 2021, the Board appointed Edwin Denson to the dual Executive Director/CIO role, consolidating leadership under a single investment executive. The structural differentiator is the ETF's direct-investment capability within a public defined-benefit framework — it commits directly to targeted vehicles and owns commercial real estate, data centers, and crypto exchange-traded products without intermediating through external consultants in every lane. That hybrid posture creates a public plan that acts more like a direct institutional allocator, sourcing co-investments and niche infrastructure deals that many same-state peers access only through fund-of-funds arrangements.
General information
Firm type
Pension Fund
Year founded
1982
Location
Region
North America
Country
United States
City
Madison
Corporate office
Madison, WI, United States
Principals
Edwin Denson
Executive Director/Chief Investment Officer
Anne-Marie Fink
Private Markets CIO
Scott Parrish
Head of Private Equity
Jason Rothenberg
Head of Real Estate
Clyde Tinnen
Board Chair
Sector focus
Frequently asked questions
Who runs investment decisions at the Wisconsin Department of Employees Trust Fund?
Edwin Denson has served as Executive Director and Chief Investment Officer since April 2021, consolidating the top administrative and investment leadership roles. He oversees all asset classes and the internal investment team. Anne-Marie Fink serves as Private Markets CIO, with Scott Parrish heading private equity and Jason Rothenberg leading real estate.
What is the scale of the Wisconsin ETF private markets program?
The private equity portfolio totals $22.5 billion under Scott Parrish, and the real estate portfolio accounts for $10.3 billion under Jason Rothenberg. The fund commits directly to industrial, residential, and commercial real estate, and participates in data center and co-investment vehicles alongside external managers.
Does Wisconsin ETF have exposure to digital assets?
Yes. Confirmed holdings include shares of the iShares Bitcoin Trust (IBIT) and the Grayscale Bitcoin Trust (GBTC). These positions provide indirect Bitcoin exposure through regulated investment vehicles, as captured in Altss research records.
How is the fund governed?
The ETF operates under a Board of Trustees chaired by Clyde Tinnen. The Board oversees the Wisconsin Retirement System and the State Investment Fund, with fiduciary responsibility to state and local government employees. Edwin Denson reports to the Board in his combined Executive Director and CIO capacity.
What is the Wisconsin ETF's real estate strategy?
The $10.3 billion real estate portfolio covers industrial, residential, and commercial properties. The fund participates in targeted vehicles, including 1547 Data Center Fund III for industrial digital infrastructure, RLIF Co-Investment Fund I for industrial assets, and Berkshire Bridge Loan Investors III for residential bridge lending. The fund also holds direct commercial property at 121 East Wilson Street in Madison.
Does Wisconsin ETF invest alongside external GPs in co-investments?
Yes. The fund has participated in co-investment vehicles such as RLIF Co-Investment Fund I and direct fund commitments to data center and bridge loan strategies. This indicates a willingness to invest alongside specialized external managers rather than exclusively through diversified fund-of-funds structures.
What other investment vehicles does the Wisconsin ETF operate beyond the pension fund?
The ETF operates the State Investment Fund (SIF), a short-term investment pool available to Wisconsin public entities. The SIF functions as a cash-management vehicle for state agencies and local governments. In addition, the ETF maintains a direct commercial real estate holding in downtown Madison.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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