Washington State Investment Board, Olympia, made four new private equity commitments totaling up to $700 million, confirmed Liz Mendizabal, spokeswoman for the $67.9 billion investment board.
The board committed up to $350 million to GTCR Fund XI, a middle-market private equity fund investing primarily in financial services and technology, growth business services, health care, and information services and technology in North America. It is the sixth commitment for the board to a fund managed by GTCR. The most recent was a commitment of $300 million to GTCR Fund X in 2010.
The board also committed up to $150 million to GI Partners Fund IV, a special situations fund. It is a first-time commitment.
Also, the board committed $100 million to DCPF VI Oil and Gas Co-Investment Fund, a middle-market buyout fund managed by Denham Capital Management. The fund will co-invest alongside Denham Commodity Partners Fund VI, to which the board committed $200 million in December 2011.
Separately, the board committed up to $100 million to Lime Rock Resources Fund III-A, a private equity fund that invests in producing oil and gas fields.
Also at its meeting Sept. 19, the board approved an increase in its long-term target to real estate to 15% from 13%, and a decrease in its long-term target to private equity to 23% from 25%.
Actual allocations as of June 30 were 23.8% private equity and 13.6% real estate.