Washington State Pension Deepens Ties to Private Equity

The Washington State Investment Board has approved $500 million in new private equity allocations as part of its 2026 investment plan for the asset class. Public Pension Capital received a $100 million allocation to an open‑ended fund; the firm, founded by former KKR executives Perry Golkin and Mike Tokarz, targets service‑oriented industrial services, business and financial services, and healthcare services businesses. 

Under WSIB’s 2025 annual private equity investment plan, trustees also signed off on a $400 million commitment to technology‑focused buyout vehicle Francisco Partners VIII. The state investor has backed Francisco Partners for more than three decades, most recently committing to FP Credit Partners III, a 2024 vintage fund. 

WSIB oversees a $187 billion investment program, with $52 billion invested in private equity as of year‑end 2025. Last year, officials reported portfolio gains of nearly 12% overall, with the private equity program returning 10.4%. Unfunded private equity commitments stood at $17 billion at the end of 2025.