Washington State Investment Board, Olympia, made five new commitments totaling up to $800 million, spokeswoman Liz Mendizabal wrote in an e-mail.
The board, which oversees $98.1 billion in assets, committed up to $250 million to U.S. Farming Realty Trust III, a real estate investment trust fund that invests in U.S. farmland “dedicated largely to commodity row crops such as grains and oilseeds,” Ms. Mendizabal wrote. It is the first time the board has committed to a U.S. Farming Realty Trust fund.
The board also committed up to $150 million to Fortress Worldwide Transportation and Infrastructure Investors, an infrastructure fund managed by Fortress Investment Group. The board has previously committed to five Fortress private equity funds, as well as a co-investment vehicle.
Separately, the board committed up to $200 million to Friedman Fleischer & Lowe Capital Partners IV, a middle-market private equity fund. It is the first FFL fund commitment for the board.
The board also committed up to $100 million to Banc Fund IX, a private equity fund managed by Banc Funds Co. that primarily invests in financial services companies. The board previously committed $85 million to Fund VIII in 2008, $32.2 million to Fund VII in 2005, $30 million to Fund V in 1998 and $20 million to Fund IV in 1996.
Finally, the board committed up to $100 million to Menlo Ventures XII, a venture capital fund. The board has made $684 million in commitments to previous Menlo Ventures funds since 1981, most recently committing $100 million to Menlo Ventures XI in 2010.