Washington State Investment Board eyes $550 million in commitments

Washington State Investment Board's private markets committee recommended two commitments totaling up to $550 million, spokeswoman Tish Day said in an email.

The Olympia-based board, which oversees $128.8 billion in assets including $98.4 billion in defined benefit plan assets, will consider the recommendations at its April 19 meeting to commit up to $350 million to Sequoia Capital Global Growth Fund III, a growth equity fund focused on investing primarily in China- and U.S.-based technology companies, and up to $200 million to Blackstone Capital Partners Asia Fund I, a pan-Asian buyout fund managed by Blackstone Group.

WSIB has previously committed $450 million to Blackstone Capital Partners VII in 2016, $300 million to Blackstone Capital Partners VI in 2011 and $400 million to Blackstone Capital Partners V in 2006. The board has not made any commitments to prior Sequoia funds.

As of Sept. 30, the actual allocation to private equity in the board's defined benefit plan trust was 20.2%.