Washington State Investment Board, Olympia, disclosed new alternatives commitments totaling up to $1.6 billion, spokeswoman Tish Day said in an email.
The board, which oversees $175.5 billion in assets, including $144.7 billion in its commingled trust fund of defined benefit plan assets, received notification at its Dec. 16 meeting of staff-delegated commitments of up to $400 million to Global Infrastructure Partners V and up to $200 million to Global Infrastructure Partners Cascade I.
Also at the Dec. 16 meeting, the board approved a commitment of up to $300 million to Global Infrastructure Partners Core Fund.
All three funds managed by Global Infrastructure Partners target high-quality infrastructure assets across Organization for Economic Cooperation and Development countries, according to a summary provided Dec. 16 by Ms. Day.
WSIB has previously committed a total of more than $2 billion to prior GIP funds, most recently committing $500 million to Global Infrastructure Partners IV in 2019.
The board also approved a commitment of up to $500 million to open-end infrastructure fund Stonepeak Core Fund. WSIB has made multiple prior commitments to Stonepeak funds, most recently committing up to $700 million to Stonepeak Infrastructure Partners IV in 2020.
As of Sept. 30, the commingled trust fund's actual allocation to tangible assets was 6.1%.
In private equity, the board approved a commitment of up to $225 million to Menlo Ventures 2023, a fund of one that will invest in the venture capital manager's three new venture capital funds: Menlo Ventures XVI, a technology-focused seed and early stage fund; Menlo Bio I, an early stage life sciences fund; and Menlo Labs Fund II, which backs inception-stage companies.
Since 1981, WSIB has committed a total of more than $1.6 billion across 16 Menlo Ventures funds, most recently committing $250 million to Menlo Special Opportunities III earlier this year.
As of Sept. 30, the commingled trust fund's actual allocation to private equity was 28.9%.