Wisconsin commits $265m to private equity

The state’s board of investments, which oversees $83.8bn in assets, committed to Centerbridge Partners, Cortec Group, Excellere Capital and GTCR in the past few months.

The State of Wisconsin Investment Board, which oversees $83.8 billion in pension assets, has committed $265 million to Centerbridge Partners, Cortec Group, Excellere Capital and GTCR.

The board reviewed commitments it made over the past few months at its last meeting. Wisconsin committed $100 million to Centerbridge Partners, which is targeting $3.75 billion for its second fund. Centerbridge was expected to collect between $2.2 billion and $2.5 billion by year’s end.

The pension board also committed $100 million to GTCR X, which closed on $3.25 billion in February.  Fund X is GTCR’s largest to date.

Wisconsin also committed $50 million to Cortec Group, which is targeting $500 million for its fifth fund, and $40 million to Excellere Capital Fund II, which closed on $450 million in December.

Last year, Wisconsin hired StepStone Group as its private equity consultant, awarding the La Jolla, California-based firm a three-year contract that will pay the firm $600,000 per year. StepStone replaced Hamilton Lane.

The pension's target to private equity/private debt is 6 percent, and its actual allocation is 7.5 percent, with 6.5 percent allocated to just private equity.