The $152 billion Washington State Investment Board (WSIB) allocated to a wide range of private equity strategies and a single real estate fund in its most recent investment rounds totaling $2.35 billion.
A total of five funds were added to the private equity program upon the recommendation of consultant Albourne America. The ticket sizes remain sizable ranging from $200 million to $500 million.
Added were: Nordic Capital XI ($300 million); Providence Equity Partners IX ($200 million); Francisco Partners VII ($300 million); Carlyle Partners VIII ($300 million) and Silver Lake Partners VII ($500 million).
The Nordic Capital Fund XI is a buyout fund focused on upper middle-market companies primarily in Sweden, Norway, Finland and Denmark. But other countries under consideration for the diverse sector fund are Germany, Austria and Switzerland and more broadly Europe and North America for healthcare investments.
The Providence Equity Partners’ Providence Equity Partners IX is also a buyout fund focused on companies operating in media, communications, education and technology. Consistent with the firm’s previous strategy the fund will make control investments ranging from $150 million to $500 million in equity across the U.S. and Western Europe. Companies under consideration will have an enterprise value of up to $1.5 billion.
Francisco Partners VII is a middle market focused fund that may invest occasionally in larger companies. Francisco Partners will most often seek to be the controlling investor in transactions and drive operational improvements when needed.
The Carlyle Group’s latest U.S. buyout fund, Carlyle Partner VIII, pursues control and strategic minority investments in buyout transactions in the U.S. large cap market. The fund is invested by the Carlyle U.S. buyout investment advisory team.
Silver Lake Technology Management’s Silver Lake Partners VII is a global, technology-focused buyout and growth equity fund. The team expects to invest in buyouts of, and minority and structured minority investments in, technology and technology-enabled business in the U.S., Europe and Asia. SLP VII will make roughly 25 to 40 equity investments ranging from $400 million to $2 billion in equity per transaction.
Lastly, within real estate, a $750 million follow-on investment was made to Calzada Capital Partners, which has been in Washington’s portfolio since 2013. The strategy is to invest in or with real estate operating companies on a global basis. So far, the strategy has focused on the U.S., Latin America and Australia. WSIB has committed over $5.5 billion to the firm to date. StepStone recommended the additional investment.