WSIB Commits $1.2B Across Private Equity, Real Assets Mandates
The $176 billion Washington State Investment Board (WSIB) has authorized $1.2 billion in new commitments across private equity and real assets, further advancing its disciplined pacing strategy for private markets. Private equity remains a core pillar of the system’s long-term allocation, representing 27% of total pension assets.
Leading the latest round of allocations, WSIB committed $600 million to TPG Partners X, TPG’s flagship North American buyout fund currently targeting $13 billion. WSIB has a long-standing partnership with TPG, having previously committed to eight prior flagship vintages and 12 other TPG strategies across the platform.
WSIB also deepened its relationship with TPG’s impact platform, approving up to $200 million for TPG Rise Fund IV. The commitment builds on a multi-year sequence of allocations: $200 million to Rise Fund I in 2017, $250 million to Rise Fund II in 2020, $325 million to Rise Climate in 2021, $250 million to Rise Fund III in 2022, and $400 million to Rise Climate II in 2024. WSIB has also deployed over $626 million in co-investments alongside TPG across 21 transactions.
In the special situations space, WSIB approved up to $300 million for Sixth Street Opportunities Fund VI, marking the continuation of its partnership with Sixth Street Partners. Since 2012, WSIB has committed a total of $1.2 billion across multiple Sixth Street vehicles.
WSIB also allocated $100 million to GTCR Capital Solutions Fund, which focuses on structured minority equity and debt investments in U.S.-based companies. The system’s relationship with GTCR extends back to 1999, with approximately $3 billion committed across multiple strategies to date.
On the real assets side, WSIB approved up to $300 million for Stonepeak Infrastructure Fund V, expanding its exposure to core infrastructure. Stonepeak recently committed $1.5 billion to Montera Infrastructure for data center development, marking its fourth North American data center investment and eighth globally.
The $1.2 billion of private equity commitments were made in line with WSIB’s 2025 private equity pacing plan, developed in consultation with advisor Albourne.