Washington State Investment Board, Olympia, disclosed alternative fund commitments totaling up to $1.55 billion, spokeswoman Tish Day said in an email.
The board, which oversees $181.6 billion in assets, including $149.3 billion in its commingled trust fund of defined benefit plan assets, received notification at its meeting Thursday of staff-delegated commitments of up to $650 million to buyout fund GTCR Fund XIV and up to $200 million to farmland fund Homestead Capital USA Farmland Fund IV.
WSIB previously committed up to $600 million to GTCR XIII and up to $150 million to Homested Capital USA Farmland Fund III.
Staff also disclosed a follow-on commitment of $500 million to Partners Enterprise Capital Holdings, a real estate manager to which WSIB has previously committed a total of $5.25 billion in 10 separate increments since 1999.
Staff also disclosed an additional investment of up to $200 million in Olympic Sun, a separate account managed by UBS Farmland Investors that invests in U.S. permanent and vegetable cropland. It is WSIB's second investment in the separate account, having originally invested $100 million in 2013. WSIB owns 98% of the equity, with UBS Farmland Investors as general partner and manager owning the other 2%.
As of Dec. 31, the commingled trust fund's actual allocations to private equity, real estate and tangible assets were 28.2%, 21.9% and 6.5%, respectively.
