Wisconsin Investment Board (SWIB)
PensionWisconsin · as of 2024
AUM
$145B
Held in U.S. securities
$51B
35% of AUM
Return target
6.8%
Asset allocation policy
Target weights set by the board in the plan's Investment Policy Statement.
| Asset class | Target | $ value |
|---|---|---|
| Public equity | 48% | $70B |
| Fixed income | 25% | $36B |
| Leverage / cash | -20% | $-29B |
| Inflation-sensitive | 19% | $28B |
| Private equity / debt | 15% | $22B |
| Real estate | 7% | $10B |
| Hedge funds | 6% | $9B |
Holdings overview
Heavy internal management across global equity and fixed income, run from Madison rather than via consultants and external managers. Pension benefits adjust annually based on investment returns, sharing market risk with retirees.
Board mandates
- Manages the Wisconsin Retirement System (WRS), among the best-funded U.S. public plans (~100% funded).
- Uses leverage at the strategic level to improve risk-adjusted returns.
- Roughly 70% internally managed — one of the highest internalization rates among U.S. public pensions.
Source: www.swib.state.wi.us