State of Wisconsin Investment Board

The State of Wisconsin Investment Board (SWIB) is a prominent institutional investor in the United States, managing the assets of the Wisconsin Retirement System (WRS) and other state trust funds. Headquartered in Madison, Wisconsin, SWIB's core mission is to ensure the long-term financial health of the WRS, which provides retirement benefits to over 660,000 current and former public employees. With a substantial portfolio exceeding $156 billion in assets under management as of December 31, 2023, SWIB is one of the largest public pension funds in the U.S., employing a sophisticated investment strategy managed by its professional staff and external firms.

The organization's investment approach is characterized by a long-term horizon and broad diversification across various asset classes, including public equities, fixed income, real assets, and private markets. SWIB strategically allocates a significant portion of its portfolio to private equity, which serves as its primary avenue for exposure to venture capital and growth equity opportunities. This allocation, typically around 10% of its total assets, underscores SWIB's commitment to seeking higher returns and diversification benefits offered by less liquid, privately held investments.

Rather than making direct investments into individual startups, SWIB primarily acts as a limited partner (LP) in established venture capital and private equity funds. This strategy allows SWIB to leverage the expertise of specialized fund managers while gaining exposure to a diversified portfolio of private companies. Its typical first commitments to these funds often range from $50 million to $250 million, reflecting its capacity and strategic intent to be a significant capital provider to top-tier fund managers. For instance, SWIB has been reported to commit $100 million to funds like Insight Partners XIII, demonstrating its active participation in the private markets ecosystem and its role in fueling innovation through its fund investments.