Wisconsin Investment Board: Core Fund 2025 Return of 14.4% vs 6.8% Benchmark

What we found

The numbers

As of December 31, 2021, the State of Wisconsin Investment Board managed assets under management of $165.7 billion. By 2025, this figure stood at $155 billion, while a separate report for December 31, 2025, listed assets at $178 B. The board manages approximately $156B in assets for the Wisconsin Retirement System, the State Investment Fund, and other state trust funds. In 2025, the board reported returns of 14.4%, compared to a benchmark return of 6.8%. This performance represented a gap of +7.6 points against the benchmark for the total fund. The core fund one-year net return also exceeded its benchmark by +7.6 points in 2025, following a +1.7 point advantage in 2024. The change in core fund one-year net return from 2024 to 2025 was +5.9. Regarding portfolio allocation, public equities accounted for 33% of assets as of December 31, 2024, up from 30% on December 31, 2023. This shift represented a change of +3.0 points in the public equities share. Another allocation segment was 37% as of December 31, 2024, while a different segment was 30% as of December 31, 2024. The funding status stood at 78% as of December 31, 2024. In 2017, a specific allocation was recorded at 64%. Reported 13F values varied across sources and dates. As of March 31, 2024, the reported 13F value was $162 million. For December 31, 2024, reported 13F values included $ 40,895 million and $ 38,589 million. Other reported 13F values from Gemini.com were 1,013,000 and 2,450,000. As of June 30, 2026, US-listed equity positions reported in its Form 13F-HR totaled $49.6 billion. The change in assets under management from December 31, 2021 to December 31, 2025 was +7.4%. [2] [3] [5] [6] [7] [11] [13] [14] [17]

What the plan says it wants

The plan states its intent to produce the long-term, stable asset growth needed to meet the current and future obligations of the Wisconsin Retirement System (WRS). This stated goal is directed toward supporting a system that serves over 1,000 local units. The documentation identifies this as a stated intent to grow, with no specific actions recorded beyond the declaration of this objective. [8] [10]

What it realized

The State of Wisconsin Investment Board’s Core Fund has reported varying net returns across recent periods. As of 2024, the one-year net return was recorded at 8.5% in one instance and 6.8% in another. The five-year net return for the Core Fund stood at 7.2% as of 2024. In 2025, the one-year net return figures included 14.4% and 6.8%, while the five-year net return was 7.1%. Performance relative to benchmarks showed positive gaps. In 2024, the Core Fund’s one-year net return exceeded its benchmark by +1.7 points. In 2025, the Core Fund’s one-year net return outperformed its benchmark by +7.6 points. Additionally, the total fund against its benchmark in 2025 showed a gap of +7.6 points. Beyond fund returns, the board has engaged in significant capital activities. It recorded exits totaling $300 million (in millions) USD. Commitments reached $888.2m (in millions). These figures reflect the board’s realized outcomes and capital movements during the specified periods. [2] [11] [14] [15] [16]

The people

The State of Wisconsin Investment Board manages assets for 703,000 WRS beneficiaries. As of 2026, the board is composed of five members: Esther Ancel, Clyde Tinnen, Tom Merfeld, Kathy Blumenfeld, and Barb Bolens. The organization employs a team of investment professionals, of whom 70% hold CFA, CAIA, or CPA certification. [1] [9]

What the fund says

The State of Wisconsin Investment Board reports assets under management of $ 178 B (in billions) USD as of December 31, 2025. The fund states it has helped fuel one of the only fully funded pension systems in the U.S. as of 2026. SWIB describes itself as a long-term investor, noting that it can be more patient than many other investors. It emphasizes that success is measured by the overall long-term health of the system rather than individual periods. The fund reports a five-year net return of 7.1% as of December 31, 2025, and an excess return of 0.65%. In 2025, the fund reported above benchmarks of $ 3.8 B (in billions) USD. Regarding portfolio composition, equities accounted for 33% of assets as of Dec. 31, 2024, down from 30% as of Dec. 31, 2023. Fixed income remained at 14% in both 2024 and 2023. The fund notes that investment earnings were 50% and 100% as of Dec. 31, 2023. As of 2025, the system supports 703,000 retirees. [2] [3] [5] [11] [12]

What the press says

The State of Wisconsin Investment Board manages assets of $155 billion as of 2025, according to its official website. By December 31, 2025, assets under management reached $178 billion, a figure also cited by etf.wi.gov. In 2025, the board reported returns of 14.4% and 6.8%. Its allocation includes 60% and 40% shares in specific categories. The board invests across a broad range of public and private markets and actively manages risk to protect and grow the WRS trust funds. Wikipedia notes that the board serves 1,000 local units. In 2017, assets under management were listed as $100, and the board was recognized as the award team of the year in 2020. [2] [3] [4] [10]

Where the sources disagree

omitted: no_conflicts — the cited sources do not disagree on any figure or framing the engine can compute.

Analysis

The increase in public equities from 30% to 33% signals a growing mandate and fresh capital available for deployment. This expansion suggests the investor is actively seeking new opportunities in this asset class, making it a favorable time to pitch new strategies. [5]

The Core Fund’s one-year net return rose from 8.5% to 14.4%, indicating strong recent performance. This positive momentum may increase the investor's confidence in their current holdings and their willingness to allocate additional capital to similar strategies. [11] [14]

Assets under management increased by +7.4 between December 31, 2021, and December 31, 2025. This growth in AUM reflects a larger pool of capital that the investor is managing, potentially increasing their capacity to take on new commitments. [3] [6]

The allocation to equities grew by +3.0 points from 30% to 33% between December 31, 2023, and December 31, 2024. This shift indicates a strategic preference for equity exposure, which may make the investor more receptive to equity-focused fundraising efforts. [5]

The total fund outperformed its benchmark by +7.6 points in 2025, achieving 14.4% versus the benchmark's 6.8%. This significant outperformance demonstrates the effectiveness of the current investment approach, which could bolster the investor's confidence in their team's ability to generate alpha. [2]

The Core Fund’s one-year net return came in +5.9 above its benchmark, rising from 8.5% to 14.4%. This relative strength suggests the core strategy is delivering value beyond market movements, which may encourage the investor to maintain or increase allocations to core strategies. [11] [14]

Pros and cons for a GP raising capital from this investor

Pros

• Change in equities from Dec. 31, 2023 to Dec. 31, 2024: +3.0 percentage points (30% to 33%). [5]
• Change in aum from December 31, 2021 to December 31, 2025: +7.4%. [3] [6]
• Change in Core Fund one-year net return from 2024 to 2025: +5.9 percentage points (8.5% to 14.4%). [11] [14]
• Core fund one-year net return (2024): 8.5% vs 6.8%, +1.7 points against its benchmark. [14]
• Core fund one-year net return (2025): 14.4% vs 6.8%, +7.6 points against its benchmark. [11]
• public equities (Dec. 31, 2024): 30% to 33%, +3.0 points of the portfolio. [5]

Cons

• The fund's five-year net return of 7.1% is modest, suggesting that long-term performance may not significantly outpace inflation or lower-risk alternatives, which could limit the appeal for a GP seeking high-growth capital. [11]
• With 703,000 beneficiaries and a funding status of only 78%, the investor faces significant long-term liability pressures that may force conservative allocation choices, reducing the likelihood of aggressive commitments to new private market strategies. [1] [5]
• The portfolio is heavily concentrated in public equities, which held 33% of assets in 2024, indicating a preference for liquid, transparent assets over illiquid private investments, potentially limiting the size of checks a GP can expect. [5]
• The investor's stated strategy emphasizes patience and long-term stability over short-term gains, meaning a GP must demonstrate a durable, low-volatility track record rather than relying on recent momentum to secure capital. [5] [8]
• The reported 13F value of $162 million is a small fraction of the total $178 billion AUM, suggesting that the majority of the investor's assets are in non-public or non-US-listed holdings, which may complicate due diligence and reporting expectations for a GP. [3] [7]