The $116.5 billion Washington State Investment Board, Olympia, approved on Thursday committing up to $400 million to two new private equity funds.
The board approved a commitment of up to $200 million to New Mountain Partners V, a buyout and growth investment fund managed by New Mountain Capital with a target size of $5 billion.
The board also approved an up to $200 million commitment to Wellspring Capital Partners VI, a generalist buyout fund with a target size of $1.2 billion, managed by Wellspring Capital Management. The fund will search for value-oriented, control investments in North American middle-market companies.
Both firms are new relationships for the Washington State Investment Board. The board's private equity portfolio totals $18 billion. It oversees $91 billion in pension assets.