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Washington State Investment Board earmarks $950 million for real estate, venture capital

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.