Updated with correction
Washington State Investment Board, Olympia, approved or disclosed a total of up to $4.2 billion in commitments and investments at its board meeting Thursday, spokeswoman Tish Day said in an email.
Within its private equity asset class, the board was informed of a staff-delegated commitment of up to $2 billion to Evergreen Park Investment Fund, a leveraged buyout and growth equity co-investment fund managed by Fisher Lynch Capital that will make co-investments alongside other funds in which the board is an investor. WSIB is the sole limited partner.
Staff also disclosed commitments of up to $750 million to KKR North America Fund XIII, a North American buyout fund managed by KKR & Co.; up to $600 million to TA XIV, a middle-market growth equity fund managed by TA Associates; and up to $250 million to Blackstone Capital Partners Asia II, a pan-Asian buyout fund managed by Blackstone Group.
Also Thursday, the board approved a commitment of up to $200 million to Providence Strategic Growth V, a buyout fund managed by Providence Equity investing in U.S.-based lower middle-market software and technology companies.
As of Dec. 31, the actual allocation to private equity was 23.1%.
Within its tangible assets asset class, staff disclosed an additional investment of up to $300 million in Emerald Energy Venture, a joint venture between WSIB and National Grid North America that seeks investments in onshore renewable energy projects. Ms. Day said the board originally invested $344 million in 2019.
Also, the board approved a commitment of up to $100 million to PGIM Agriculture Fund, an agriculture fund managed by PGIM Real Estate that invests in row and permanent agricultural products. The fund, which has an initial fundraising target of $600 million, will be converted to an open-end structure once funds are raised.
As of Dec. 31, the actual allocation to tangible assets was 5.4%.
The Washington State Investment Board oversees $164.9 billion in assets, including $127.8 billion in defined benefit plan assets.