FFL gets $200 mln commitment from Washington State: UPDATED

Washington State Investment Board made its first commitment to an FFL buyout fund with a $200 million pledge, part of a trio of private equity investments by the $98 billion pension system.

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.