Washington State Investment Board, Olympia, made two new commitments totaling up to $559 million, spokesman Chris Phillips said in an email.
The board, which oversees $128.8 billion in assets including $98.4 billion in defined benefit plan assets, committed up to A$390 million ($309 million) to BGH Capital Fund I, a middle-market buyout fund focusing on investments in Australia and New Zealand.
The board also committed up to $250 million to ISQ Global Infrastructure Fund II, an infrastructure fund managed by I Squared Capital. WSIB previously committed $200 million to ISQ Cube Hydro Co-Investment Fund in 2015.
As of Sept. 30, the actual allocations to private equity and tangible assets among the board's defined benefit plan trust were 20.2% and 3.7%, respectively.