WSIB Invests $1.5B in Private Equity Program 

The Washington State Investment Board (WSIB), managing $173 billion in pension assets, allocated $1.5 billion to private equity strategies as part of its approved 2025 investment plan. This includes a $1 billion commitment to Evergreen Park Investment Fund, managed by Fisher Lynch Capital, and a $500 million investment in Advent International GPE XI, SCSP. 

Since 2021, WSIB has committed $3.8 billion to Fisher Lynch Capital, including $800 million to Evergreen Park in 2024, structured as an open-ended fund with WSIB as the sole limited partner, and $100 million to Fisher Lynch Co-Investment Partnership V in 2023. 

Advent International’s GPE XI will follow a sector-focused, operationally intensive strategy, targeting control positions in 35-40 buyouts and recapitalizations of upper middle-market to large companies. WSIB has a history with Advent, having invested in nine prior funds: $100 million in GPE VI (2008), $400 million in GPE VII (2012), $500 million in GPE VIII (2016), $600 million in GPE IX (2019), $600 million in GPE X (2022), and Latin America funds IV ($25 million, 2007), V ($100 million, 2009), VI ($160 million, 2014), and VII ($200 million, 2020). 

These investments align with WSIB’s $50 billion private equity portfolio, which reported a net IRR of 13.25% for the year ending September 30, 2024, and an annualized performance of 9.55%, outperforming the system’s overall return of over 8%.