Washington State Investment Board's private markets committee recommended three commitments totaling up to $450 million, spokeswoman Tish Day said in an email.
The Olympia-based board, which oversees $129.1 billion in assets that includes $99 billion in defined benefit plan assets, will consider the recommendation at its June 21 meeting to commit up to $250 million to Silver Creek Aggregate Reserves Fund I, a fund that invests in aggregates, which are construction materials such as sand, gravel and crushed stone, managed by Silver Creek Capital Management.
Consultant TorreyCove Capital Partners assisted.
The board will also consider a commitment of up to $100 million to KKR Global Infrastructure Investors III, an infrastructure fund managed by KKR & Co., plus up to $100 million to the fund's co-investment sidecar vehicle. The board has made commitments to numerous KKR funds since 1983, most recently committing up to $500 million to KKR Asian Fund III in 2016.
As of March 31, the pension plans' allocation to tangible assets was 4%.
Consultant Pavilion Alternatives Group assisted.