Washington eyes up to $200 mln to Searchlight

  • AUM: $132.3 bln
  • PE: $21.3 bln
  • Target allocation to PE: 23 pct
  • Contact the board: +1 360-956-4600 or recep@sib.wa.gov

Washington State Investment Board’s private markets committee at its April meeting recommended up to $200 million to Searchlight Capital’s third fund, documents show.

Searchlight Capital Fund III focuses on middle-market companies in IT, communication services and consumer discretionary in North America and Western Europe. The pool’s target size is $2.75 billion with a $3.25 billion cap, Buyouts reported.

The recommendation will go to WSIB’s full board on April 18, meeting documents show.

The board in February pledged $750 million to funds aimed at growth, credit and impact investments, including $300 million to Stone Point Capital’s Trident VIII fund, which also focuses on North American and Western European markets. Washington also committed $250 million to TPG Growth’s Rise Fund II.

The system’s total assets are valued at $132.3 billion, with PE making up $21.3 billion of WSIB’s portfolio. The target allocation was 23 percent as of January 2019, Buyouts reported.