Washington unveils $1.1 bln in private investments

Washington State Investment Board’s staff revealed that $600 million in staff-delegated private equity investments had been implemented at its meeting Thursday, the board said.

The investments are:

• $200 million to Advent Latin American Private Equity Fund VII, a $2.2 billion fund launched in April by Advent International, according to Reuters. This is the fourth Advent Latin American fund Washington has invested in since 2007 and will invest primarily in companies across Latin America. An Advent spokesperson declined to comment.

• $400 million to Green Equity Investors VIII, run by Leonard Green & Partners. This is the firm’s eighth flagship fund and could target up to $10 billion or more, Buyouts has reported. It will focus on North America. Green’s previous fund closed in 2016 at $9.6 billion but could have raised more, sources told Buyouts last year. This is the fifth Leonard Green fund Washington has invested in.

The board also approved an additional $500 million in commitments that staff recommended last week, including $200 million to Leonard Green’s Jade Equity Investors, LP, a $2 billion small-cap fund launched earlier this year alongside the flagship fund, and another $300 million to two tangible assets funds.

All told, Washington announced $1.1 billion in new private markets investments.

Washington has $139.6 billion in assets under management, and as of June 30 has a $46.2 billion private equity portfolio and a $5.5 billion tangible assets portfolio.

Action Item: Read Washington’s most recent CAFR here.