Washington State Investment Board, Olympia, approved up to $1.1 billion in new commitments at its meeting on Thursday, said spokeswoman Tish Day in an email. The board oversees $129.1 billion in assets, including $100.4 billion in defined benefit plan assets.
It committed up to $450 million to TowerBrook Investors V, a buyout fund managed by TowerBrook Capital Partners, and up to $200 million to TSSP Opportunities Partners IV, a private credit fund managed by TPG.
The board made a $200 million commitment to TowerBrook Investors IV in 2013 and has previously committed to TSSP Opportunities Partners II and TSSP Opportunities Partners III.
As of March 31, the allocation to private equity was 21%. Consultant Hamilton Lane assisted.
The board also approved two recommendations by earlier this month by its private markets committee.
It approved committing up to $250 million to Silver Creek Aggregate Reserves Fund I, a fund that invests in construction materials such as sand, gravel and crushed stone, managed by Silver Creek Capital Management, and 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.
Consultants TorreyCove Capital Partners and Pavilion Alternatives Group, respectively, assisted.
As of March 31, the allocation to tangible assets was 4%.
