Washington SIB Eyes $1.35B in PE, Infrastructure

Washington State Investment Board approved five private markets commitments totaling up to $1.35B, split across its private equity and tangible assets allocations. In private equity, staff delegation authorized up to $400M to KKR Asian Fund V and $200M each to PSG Europe III and Endeavour Capital Fund IX – Washington SIB has committed to all prior funds in KKR's Asia series and has backed every Endeavour flagship since Fund IV in 2003. In tangible assets, the pension's private markets committee recommended up to $250M to Incline III Aviation Limited Partnership, managed by Babcock & Brown Aircraft Management, and up to $300M to LS Power Equity Fund VI.

In other allocator activity, the State of Wisconsin Investment Board reported approximately $968M in new commitments across 16 investments during the first quarter, spanning private equity, real estate, and its funds alpha program – including a $200M commitment to KWISCO Investments, €150M to Bridgepoint Europe VIII, and $150M to Francisco Partners VIII among the named equity vehicles. Elsewhere, Somerville Retirement Board opened a search for private credit managers, targeting a $10M–$25M allocation.

On the fundraising side, Copenhagen Infrastructure Partners reportedly launched its sixth flagship renewable energy fund, targeting approximately €16B; VC firm Addition filed for Addition Six LP, targeting $1.5B to back early- and growth-stage technology companies; and GHO Capital and CBC Group, which announced a merger in May, are in discussions to launch a first joint global healthcare fund following their combination.

In people news, Katherine Rubenstein departed as COO of Blackstone Secured Lending Fund, where she also served as COO of North America Private Credit for Blackstone Credit and Insurance and Blackstone Private Credit Fund; and Meyer Memorial Trust, a Portland, OR-based private foundation with assets above $1B, is searching for a managing director of investments following the planned June 30 departure of Sohel Hussain.

Read on for all the day’s headlines.

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GP stakes — acquiring minority equity interests in alternative asset management firms — has evolved from a niche institutional strategy into one of the most active corners of private markets.

Transaction volume has grown significantly, and the target universe has broadened from household-name platforms to the middle market. And for the first time, wealth channel investors are gaining access through semi-liquid and evergreen vehicles.

Dakota’s new report covers how the strategy works, who the major players are, why GPs sell stakes, and what the return profile actually looks like.

Download the full report →

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