Wisconsin co-investment team cautious as deal prices, leverage multiples rise

State of Wisconsin Investment Board, private equity, pension fund
Jan 26, 2018; Milwaukee, WI, USA; Milwaukee Bucks forward Giannis Antetokounmpo (34) looks to pass the ball as Brooklyn Nets forward DeMarre Carroll (9) defends during the first quarter at BMO Harris Bradley Center. Mandatory Credit: Jeff Hanisch-USA TODAY Sports - 10568725
  • Wisconsin "being cautious" as debt levels, prices rise
  • Wisconsin reported seeing debt multiples at 6x in Q3
  • Use of debt projected to fall under new tax law
High deal prices and private equity’s heavy application of debt are cause for concern at State of Wisconsin Investment Board. While deal flow remains solid, the Wisconsin co-investment team is being “cautious given the current purchase price multiples and debt ...

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