Searches and Hires

Washington commits $2.2 billion to private equity, infrastructure

Washington State Investment Board, Olympia, approved commitments of more than $2.2 billion to private equity and infrastructure, confirmed spokesman Chris Phillips in a telephone interview.

The largest private equity commitment, up to $600 million, was made to the Carlyle Partners VII, a U.S. buyout fund with a target size of $15 billion managed by Carlyle Group. The fund is the board's first partnership with Carlyle.

The board oversees $95.1 billin pension fund assets.

Up to $400 million was committed to Providence Equity Partners Fund VIII, a buyout fund with a target size of $5 billion.

Another commitment of up to $250 million was made to Warburg Pincus Financial Sector, which has a target size of $1.6 billion. It is Warburg Pincus' first fund devoted solely to the financial sector.

In Europe, the board approved a commitment of up to €200 million ($233 million) to PAI Europe VII, a buyout fund with a target size of €4 billion managed by PAI Partners. It is the board's first commitment to PAI.

The board also approved a commitment of up to $600 million to an infrastructure fund, Stonepeak Infrastructure Fund III, managed by Stonepeak Infrastructure Partners, and an additional $150 million to Stonepeak Evergreen Investment Partners, a sidecar vehicle that will be used for co-investments.