WSIB begins CIO search, adds $1.3bn to PE, tangible assets

The $165 billion Washington State Investment Board (WSIB) appointed its current chief investment officer, Allyson Tucker, as its incoming CEO to replace Theresa Whitmarsh, who will retire at yearend. Tucker had been CIO since January of 2020 and prior to that role served as head of the agency’s Risk Management and Asset Allocation team. For the rest of the year, Whitmarsh will work with Tucker to ensure a smooth transition. As part of the transition, WSIB’s management team will evaluate candidates to fill Tucker’s current CIO role, with the intention of filling the seat later this year. Allyson Tucker (provided) “We have a strong board, a clear mission, a resilient investment program, and a talented staff. Looking ahead, we will face uncharted challenges as the investment markets come to terms with a world of ongoing economic and social uncertainties,” said Tucker in a statement. “We know better than to rely solely on past performance for our future success.” Early on in her career she worked as an investment specialist for BMGI, the investment manager for the William H. Gates Family Office and for the Bill and Melinda Gates Foundation Trust. Tucker said her immediate priorities as CEO will include a seamless leadership transition with distinct emphasis on teamwork, continuity of investment strategies, and a safe approach that allows WSIB staff to reoccupy offices in Olympia and Seattle in the wake of the pandemic. Also at the June 17 board meeting, officials selected six alternative investment funds with a total of $1.3 billion in commitments. The largest single allocation was within the innovation portfolio to the TPG Rise Climate fund that will receive up to $400 million. The private equity fund, recommended by Hamilton Lane, is set to make investments across growth equity, buyout and value-added infrastructure. The fund’s aim is to source investments that not only meet TPG’s performance standards but also have a positive climate impact via reduced carbon emissions. TPG said it has a target size of $5 billion for the fund. In Washington’s overall private equity portfolio, three new investments were selected upon Albourne America’s recommendation for a total of $650 million in new allocations. Insight Partners XII was selected for an investment of up to $250 million. The fund has a $11.5 billion target and is slated to invest in software, software-enabled services, and internet businesses, predominantly in the U.S. and Europe. The same fund is still under consideration by the Pennsylvania School Employees’ Retirement System. Another $200 million was approved for a Permira Growth Opportunities II, which is planning its first close this month. The fund is focused on growth investments in technology and digital businesses. The third fund is from Warburg Pincus, which Washington has a 26-year long relationship with, having invested in 13 previous funds from the firm since 1994. The latest $200 commitment is to the Warburg Pincus Financial Sector II. The fund is expected to raise a total of $2.5 billion. Two investments were made in tangible assets to Orion funds upon the recommendation of consultant Aksia TorreyCove. A $100 million commitment was made to the Orion Mineral Royalty Fund, which will invest in long-duration, income-focused royalty and streaming opportunities primarily in industrial and agricultural minerals. The second $100 million commitment was made to the Orion Mine Finance Fund III that has a $2.25 billion target fundraise. Similar to prior funds, Fund III will invest in a mix of loans, royalties and equity in roughly equal proportions as measured by committed capital.

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