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Washington State Investment Board sets $2 billion for 4 managers

Washington State Investment Board, Olympia, committed up to $2.05 billion to four managers, spokesman Chris Phillips said in an e-mail.

The biggest commitment of up to $750 million was made to KKR Americas Fund XII. KKR & Co. has been a long-term investment partner of the $103.4 billion WSIB. Since 1983, the board has committed a total of more than $8.7 billion to 20 KKR funds, including $750 million to KKR North America Fund XI, $400 million to KKR Asian Fund II and €200 million ($229 million) to KKR European Fund IV.

The board also committed up to $600 million to Advent Global Private Equity VIII, a private equity fund raising a target $12 billion that will invest primarily in Europe and North America. The WSIB has invested in five prior Advent International funds, committing $400 million to GPE VII and $100 million to GPE VI, as well as commitments of $160 million to Advent Latin American Private Equity Fund VI, $100 million to Advent Latin American Private Equity Fund V and $25 million to Advent Latin American Private Equity Fund IV.

Another commitment of $400 million was made to Stonepeak Infrastructure Fund II and an additional $100 million to a structured side-car vehicle to invest alongside of Fund II for strategies identified by Stonepeak Infrastructure Partners that are a strong fit with the board’s tangible assets portfolio.

A final commitment of up to $200 million was made to PAG Asia II a private equity fund focused on the Asian markets with a target size of $3 billion and a hard cap of $3.5 billion.