Washington State Investment Board, Olympia, made two new commitments totaling up to $500 million, spokeswoman Tish Day 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 $300 million to KSL Capital Partners V, a buyout fund. The board committed up to $250 million to KSL Capital Partners IV in 2014.
Also, the board committed up to $200 million to Banc Fund X, a growth equity fund managed by Banc Funds Co. that invests primarily in financial services companies. The board previously committed up to $100 million to Banc Fund IX in 2014.
At its meeting Thursday, the board also approved two commitments previously recommended by its private markets committee: 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 had 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%.
