The State of Wisconsin Investment Board is investing in the hotel market, with the pension fund providing $165.0 million to Heitman to invest purely in hotel financing in the U.S., IPE Real Estate reported.

SWIB told the publication that it has started pursuing real estate debt investments in hotel properties as there is less competition for transactions. Heitman declined to comment, according to the report.

IPE Real Estate, citing a board meeting document, reported that the pension fund is contemplating three real estate commitments, the largest being a $159.0 million separate account focused on U.S. medical office buildings.

A $100.0 million core real estate separate account and a $75.0 million commitment to a closed-ended fund focused on U.S. industrial properties are also under consideration.