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State of Wisconsin Investment Board

Pension fund · Founded 1951 · Madison, United States

#166 LP Ranking #80 of 1,316 pension funds

State of Wisconsin Investment Board (SWIB)

281 VC firms backed
$156B AUM
~$7.8B Allocated to VC (est. 5%)
01 · Background

Who State of Wisconsin Investment Board is.

Historical Background
The State of Wisconsin Investment Board (SWIB) was established in 1951 as an independent state agency. It was created to manage the assets of the Wisconsin Retirement System and other state trust funds.
Source of Capital
SWIB's capital is primarily sourced from the Wisconsin Retirement System (WRS), which constitutes the majority of its assets under management. The agency also manages funds for the State Investment Fund (SIF) and several other smaller state trust funds.
Allocation Strategy
SWIB employs a diversified allocation strategy across a variety of asset classes, including public stocks, bonds, real estate, private equity, and private debt. The board has been increasing its target allocation to private markets, with a reported target of 20% for private equity and debt. Asset allocation is a key component of the fund's long-term strategy and is reviewed annually to ensure it meets its investment objectives.
02 · Fund commitments

The funds State of Wisconsin Investment Board backs.

State of Wisconsin Investment Board is a limited partner in 281 funds. 14 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

Insight Partners
United States
#23 Power Law
TCV
United States
#67 Power Law
Meritech Capital
United States
#107 Power Law
Mayfield
United States
#134 Power Law
DCM
United States
#154 Power Law
TPG
United States
#158 Power Law
SAIF Partners
Hong Kong
#159 Power Law
Polaris Partners
United States
#181 Power Law
Warburg Pincus
United States
#233 Power Law
Blackstone
United States
#240 Power Law
KKR
United States
#251 Power Law
Adams Street Partners
United States
#331 Power Law
03 · Allocation

How State of Wisconsin Investment Board’s fund book is spread.

The 281 funds State of Wisconsin Investment Board backs, by where the manager is headquartered and how many funds that manager has raised.

Where those managers are based

By fund headquarters, across the 279 of 281 with a location on record.

  • North America 22781%
  • Europe 4315%
  • Rest of world 93%

United States 224 · United Kingdom 26 · Germany 4 · Hong Kong 4

How established those managers are

Managers grouped by how many funds they have raised — across the 180 of 281 with a fund history on record.

Emerging funds · 81
Established funds · 99
37 1
23 2
21 3
18 4
29 5-6
22 7-9
16 10-14
14 15+
Funds raised by the manager
04 · Direct investments

The companies State of Wisconsin Investment Board backs directly.

State of Wisconsin Investment Board holds 19 companies directly, separate from the funds it commits to as a limited partner. Broken down by headquarters country, sector, entry stage and current growth stage. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. USA19
By sectorCount
  1. Health11
  2. Jobs Recruitment3
  3. Marketing2
  4. Food1
  5. Real Estate1
  6. Telecom1
By stage enteredCount
  1. Series B+9
  2. Series A8
  3. Seed2
By growth stageCount
  1. Breakout Stage13
  2. Late Growth4
  3. Early Growth2
05 · Portfolio market map

Inside State of Wisconsin Investment Board’s portfolio.

The 18 highest-funded portfolio companies, of 19 tracked.

HistoSonics
Health · Unicorn
$3.8B
Elephas
Health
$275M
FluGen
Health
$8.0M
EatStreet
Food
$24M
AdvanDx
Health
$48M
Roche NimbleGen
Health
$33M
NeuWave Medical
Health
$101M
Rentable
Real Estate
$90M
Neurovance
Health
$250M
Montage Talent
Jobs Recruitment
$32M
OpGen
Health
$255M
Modern Hire
Jobs Recruitment
Datica
Health
$26M
ABODO
Marketing
$14M
Zystor
Health
$115M
Pinstripe
USA
Cielo
Jobs Recruitment
$12M
Cumulus Media
Marketing
06 · Portfolio founders

Where State of Wisconsin Investment Board’s portfolio founders come from.

19 founders across the 19 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. United States17
  2. Canada1
  3. Denmark1
UniversityCount
  1. University of Wisconsin-Madison3
  2. Boston University1
  3. Indian Institute of Technology Bombay1
  4. The University of Oklahoma1
  5. University of Michigan1
  6. University of Minnesota Twin Cities1
  7. University of Pennsylvania1
  8. University of Virginia1
  9. University of Wisconsin-Milwaukee1
Previous companyCount
  1. Abbott1
  2. Affymetrix1
  3. Alantos Pharmaceuticals1
  4. Axeda1
  5. Biolin Scientific1
  6. Copenhagen University Hospitals1
  7. Farcast1
  8. GSK1
  9. Kony Solutions1
  10. LifeTechnologies1