Searches and Hires

Washington State Investment Board commits $1.8 billion to alternatives

Washington State Investment Board, Olympia, disclosed commitments totaling up to $1.8 billion at its meeting Thursday, spokeswoman Tish Day confirmed in an email.

The board, which oversees $128.1 billion in assets, including $99.4 billion in defined benefit plan assets, approved a total of up to $650 million in commitments to real estate fund Crane Capital. Of that total, the board approved transferring $400 million in funds committed to Evergreen Real Estate Partners. The board had previously committed a total of $5.7 billion to Evergreen, a global real estate portfolio managed by Evergreen Investment Advisors, an investment manager formed by M3 Capital Partners and WSIB.

As of Dec. 31, the actual allocation to real estate was 18.2%.

In private equity, the board disclosed staff commitments of up to $300 million to Trident VIII, a buyout fund managed by Stone Point Capital, and up to $200 million to Menlo Special Opportunities Fund II, a venture capital fund managed by Menlo Ventures. The board also approved a commitment of up to $200 million to TSSP Capital Solutions Fund, a special situations fund managed by TPG.

As of Dec. 31, the actual allocation to private equity was 22.1%.

In its innovation portfolio, the board disclosed a staff commitment of up to $250 million to The Rise Fund II, a growth equity fund also managed by TPG.

As of Dec. 31, the actual allocation to innovation strategies was 0.1%.

Finally, in tangible assets, the board approved a follow-on commitment of up to $200 million to Geronimo Energy's Geronimo Renewable Infrastructure Partners. The board originally committed $300 million to the North American renewable energy fund in December 2017.

As of Dec. 31, the actual allocation to tangible assets was 4.8%.