Washington State Investment Board, Olympia, disclosed new alternatives commitments totaling up to $1.8 billion, said spokeswoman Tish Day.
The board, which oversees $190 billion in assets, including $155.7 billion in its commingled trust fund of defined benefit plan assets, received notification at its Sept. 21 meeting of staff-delegated private equity commitments of up to $400 million to TPG Growth VI, a buyout and growth equity fund focused on investments in North America and India, and up to $250 million to middle-market growth equity fund Tailwind Capital Partners IV.
WSIB previously committed up to $150 million to Asia-focused buyout fund TPG Asia VIII earlier this year and $200 million to Tailwind Capital Partners III in 2017.
Also at the Sept. 21 meeting, the board approved private equity commitments of up to $400 million to Centerbridge Capital Partners V, a distressed debt fund managed by Centerbridge Partners; up to $200 million to Ara Fund III, a buyout fund managed by Ara Partners; up to $150 million to KKR Global Impact Fund II, a middle-market buyout fund managed by KKR & Co.; and up to $100 million to TowerBrook Delta, a buyout fund focused on impact investments managed by TowerBrook Capital Partners.
WSIB previously committed up to $210 million to Centerbridge Special Credit Partners IV, up to $300 million to KKR European Fund VI and up to $450 million to TowerBrook Investors VI, all in 2022. Ara Partners is a new manager for the board.
As of June 30, the commingled trust fund's actual allocation to private equity was 28.8%.
Also, the board at its Sept. 21 meeting approved the hiring of Schroders to run up to $300 million in its Schroders Greencoat Woodmont Renewables strategy, a separately managed account, which will invest in assets supporting European energy transition. Schroders is a new manager for the board within its tangible assets asset class.
As of June 30, the commingled trust fund's actual allocation to tangible assets was 6.9%.
