Washington State Investment Board, Olympia, approved or disclosed up to $1.25 billion in new commitments at its meeting Thursday, spokeswoman Tish Day said in an email.
In its innovation portfolio, the board was informed of a staff-delegated commitment of up to $400 million to TPG Rise Climate, a private equity fund that will make investments across buyout, growth equity and value-added infrastructure that have a positive climate impact.
As of March 31, the actual allocation to the innovation portfolio was 0.5%.
Within its private equity asset class, the board was informed of staff-delegated commitments of up to $250 million to Insight Partners XII and up to $200 million to Warburg Pincus Financial Sector II, and the board approved a commitment of up to $200 million to European buyout fund Permira Growth Opportunities II.
As of March 31, the actual allocation to private equity was 24.6%.
Within tangible assets, the board approved a commitment of up to $100 million to Orion Mineral Royalty Fund, a fund that will invest in royalty and streaming opportunities in industrial and agricultural minerals; and was informed of a staff-delegated commitment of up to $100 million to Orion Mine Finance Fund III, a fund that looks to finance the construction of later-stage mine projects through a combination of debt, equity and production-linked investments. Both funds are managed by Orion Resource Partners.
As of March 31, the actual allocation to tangible assets was 5.6%.
The Washington State Investment Board oversees $171.5 billion in assets, including $134.4 billion in defined benefit plan assets.
