Washington State Investment Board, Olympia, made a $500 million investment in a real estate partnership and committed up to $200 million to a private equity fund, spokesman Chris Phillips said in an email.
At its meeting Thursday, the board, which oversees $132.3 billion in assets that includes $102.6 billion in defined benefit plan assets, approved a follow-on investment of $500 million in Evergreen Real Estate Partners. WSIB has previously committed a total of $5.2 billion to Evergreen.
Evergreen Real Estate Partners is a global real estate portfolio managed by Evergreen Investment Advisors, an investment manager formed by M3 Capital Partners and the Washington State Investment Board.
Real estate investment consultant StepStone Group assisted.
The board also approved a commitment of up to $200 million to Centurium Capital Partners 2018, a midcap growth equity and buyout fund managed by Centurium Capital Management targeting the consumer and health-care sectors in China.
Investment consultant Hamilton Lane Advisors assisted.
Also at its meeting, the board approved the addition of Pension Consulting Alliance to its investment consultant pool and keeping Hamilton Lane within the pool. Both these consultants have been approved for contractual agreements, so they will be pre-authorized in case WSIB's tangible assets team elects to hire them, said Mr. Phillips. They only get hired when and if the team has an assignment for them, he added.