Washington State Investment Board Commits $1.6B Across Private Markets
The $183 billion Washington State Investment Board (WSIB) approved $1.6 billion in commitments across private equity, real estate, and real assets as part of its 2024–2025 investment plan, further expanding its nearly $100 billion alternatives portfolio. Private equity remains the system’s largest alternatives bucket at $51 billion, now surpassing its public equity portfolio.
Guided by consultant Albourne, WSIB allocated $600 million across three private equity funds. Menlo Ventures secured $175 million for Menlo Ventures XVII, targeting 30–40 seed and early-stage investments, while its Menlo Inflection IV late-stage fund received $225 million. The allocations build on a 43-year relationship with Menlo, totaling over $1.8 billion across 17 funds. Bridgepoint Europe VIII received $200 million, targeting roughly 20 buyouts in services, technology, healthcare, and advanced industrials.
In real estate, WSIB committed $400 million to Evergreen Real Estate Partners’ affordable housing strategy, recommended by consultant StepStone. Despite muted performance of 2.9% over the past year, WSIB has committed $5.7 billion to Evergreen since 2004.
Infrastructure commitments remain a growth engine, with the $13 billion portfolio returning 6.6% versus its benchmark. Upon consultant Meketa’s advice, WSIB committed $500 million to ISQ Global Infrastructure Fund IV, which targets a $15 billion raise, along with $100 million to its co-investment vehicle, Orcas. The move continues a long series of allocations to I Squared Capital, including $350 million to ISQ Global Infrastructure Fund III and $200 million to Cube Hydro Co-Investment Fund.