Washington State Investment Board's private markets committee recommended committing up to $100 million to Oak Investment Partners XI and up to $50 million to OCM Opportunities Fund V, two private-equity pools. In addition, the committee recommended making a $600 million follow-on investment to Principal Enterprise Capital I, boosting the fund's allocation to the real estate pool to $1.4 billion. Funding for real estate will come from WSIB's $20 billion internally managed fixed-income portfolio. The recommendations, subject to due diligence and negotiations, will be taken up by the full board on June 17. WSIB oversees $57.6 billion in assets.
Pacific Corporate Group consulted on the private equity investments, while Courtland Partners consulted on the real estate investment.
Separately, the committee recommended extending PCG's contract for an additional year, through year-end 2005. It recommended a similar extension for Schott Capital Management, which handles WSIB's post-venture distributions.