Washington board commits $750 million to Warburg Pincus, A$250 million to agriculture

The Washington State Investment Board, Olympia, committed up to $750 million to Warburg Pincus Private Equity XII, a global private equity fund with a target size of $12 billion, said spokeswoman Tish Day in an e-mail.

The $103.6 billion investment board has had a 20-year relationship with Warburg Pincus, investing $3.3 billion in eight previous funds since 1994.

The board also committed A$250 million ($176 million) to Laguna Bay Pastoral Co.’s Agricultural Fund 1. WISB will commit an additional A$50 million if total fund commitments exceed A$1 billion.

The Fund will invest in a diversified portfolio of upstream agriculture assets, including row crops, permanent crops, protein and water.