FFL gets $200 mln commitment from Washington State: UPDATED

WSIB pledged to FFL Capital Partners IV LP from San Francisco-based FFL, which was founded in 1997 by Tully Friedman and Spencer Fleischer. It’s the first buyout fund to bear the firm’s shortened name. FFL’s predecessor fund,  Friedman Fleischer & Lowe Capital Partners III LP, closed at $1.5 billion in 2008. 

The fundraising target for FLL Capital Partners IV is $1.5 billion, according to documents reviewed by WSIB.

Washington State Investment Board also pledged up to $100 million to Banc Fund IX LP, making its fifth investment with Chicago-based Banc Funds. The WSIB previously committed $20 million to Fund IV in 1996, $30 million to Fund V in 1998, $32.2 million to Fund VII in 2005, and $85 million to Fund VIII in 2008. Banc Funds is seeking $600 million for its latest vehicle, according to a published report.

Separately, WSIB committed up to $100 million to Menlo Ventures XII LP. A spokesperson for the pension fund said the Menlo Park, California, venture capital firm holds the distinction as the WSIB’s longest standing private equity relationship. Since 1981, WSIB has committed $683.6 million to Menlo Ventures funds, including most recently a $100 million commitment to Menlo Ventures XI in 2010.

The WSIB formalized the commitments to the three funds at its April 17 meeting. 

(The original version of this story has been updated to include a fundraising target for FFL Capital Partners IV).