Washington State Investment Board, Olympia, committed up to $850 million to a real estate partnership sponsored by its direct real estate partner, Calzada Capital Partners, and committed up to $100 million to a venture capital fund managed by Menlo Ventures, confirmed spokesman Chris Phillips in an email.
The commitment to Calzada Capital Partners is to set up a new debt investment vehicle, Zocalo Special Situations. Calzada is a real estate operating company that invests solely for the Washington State Investment Board.
Mr. Phillips said the partnership is positioned as a global mandate, which will involve multiple property types and situational opportunities. He said the partnership is a strategic debt program. Mr. Phillips said he could not go into specifics.
WSIB's total existing commitment to Calzada is $4.075 billion.
In venture capital, the Washington State Investment Board committed up to $100 million to Menlo Ventures XIV, a venture capital fund with a $450 million target. The pension fund has committed $915 million across 12 Menlo Ventures funds in a relationship that dates back to 1981.
The board oversees $112 billion, including $88.3 billion in defined benefit assets.