Washington State Investment Board puts $925 million into private equity

Washington State Investment Board, Olympia, disclosed five new private equity commitments totaling up to $925 million, spokeswoman Tish Day said in an email.

The board, which oversees $145.4 billion in assets including $111.5 billion in defined benefit plan assets, committed up to $250 million each to FountainVest Capital Partners Fund IV, a growth equity and middle-market buyout fund managed by FountainVest Partners, and TCV XI, a private equity fund that focuses on technology firms managed by Technology Crossover Ventures.

The board also committed up to $200 million to lower-middle-market buyout fund Thoma Bravo Discover Fund III, up to $125 million to Menlo Ventures XV, a venture capital fund managed by Menlo Ventures, and up to $100 million to Searchlight Capital III, a buyout fund managed by Searchlight Capital Partners.

As of June 30, the actual allocation to private equity was 21%.

Private equity consultant Hamilton Lane assisted.

Separately, the board hired Albourne America as its new private equity consultant. The board issued an RFP in April due to the pending expiration of Hamilton Lane’s contract at the end of 2020.

Hamilton Lane was the other finalist.

Source: Pensions & Investments

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