Washington State Investment Board, Olympia, approved or disclosed a total of up to $1.8 billion in manager hires and commitments at its board meeting Thursday, spokeswoman Tish Day said in an email.
The board, which oversees $152.6 billion in assets including $117.8 billion in defined benefit plan assets, committed up to $600 million to buyout fund GTCR Fund XIII and up to €170 million ($201 million) to Providence Strategic Growth Europe, a lower middle-market buyout fund managed by Providence Equity Partners that targets European software and technology firms.
As of Sept. 30, the actual allocation to private equity was 22.4%.
Within its tangible assets asset class, the board committed up to $350 million to ISQ Global Infrastructure Fund and $150 million in a co-investment sidecar vehicle, both managed by I Squared Capital.
The board also hired Alinda Capital Partners to manage up to $300 million in a separately managed account. The account, ATA I – Series B, invests in lower-risk, asset-heavy infrastructure businesses. WSIB hired Alinda Capital in 2016 to manage $300 million in a previous separate account, ATA I – Series A.
Also within tangible assets, the board made a co-investment of up to $35 million in OMF Onshore Omega SPV, which invests alongside Orion Mine Finance Fund II in Sweetwater Royalties. The fund is managed by Orion Resource Partners.
As of Sept. 30, the actual allocation to tangible assets was 5.6%.
Finally, within its innovation portfolio asset class, the board committed up to $200 million to Monarch Capital Partners V, a distressed debt fund managed by Monarch Alternative Capital.
As of Sept. 30, the actual allocation to innovation assets was 0.3%.