Washington State Investment Board, Olympia, committed up to $400 million total to three alternatives managers, pending due diligence and final negotiations, said spokesman Chris Phillips in an e-mail.
The $109 billion board committed up to $200 million to Warburg Pincus China Private Equity Fund.
The board also committed up to $100 million each to Resonance Industrial Water Infrastructure, which will invest in water infrastructure development in Asia and Europe and is managed by Resonance Asset Management, and Homestead Capital USA Farmland Fund II.
The Warburg commitment will fall under the board’s private equity portfolio, which has a target range of 19% to 27%. Resonance and Homestead will fall under its tangible assets portfolio, which has a target range of 1.5% to 5.5%
The board has previously committed $4 billion total to nine other Warburg Pincus funds. Resonance and Homestead are new relationships.