Washington Beefs Up Private Equity Portfolio

Mar 7 2008 | 7:30am ET

The $84.8 billion Washington State Investment Board recently committed up to $378 million to two multi-billion private equity funds.

Washington’s board has committed up to $150 million in Madison Dearborn Capital Partners VI, a $10 billion buyout fund targeting large, control transactions primarily in North American companies in the basic industries, communications, consumer, energy, financial services, real estate, and healthcare sectors. The fund will also opportunistically pursue large European buyouts in its target sectors and select growth equity investments in rapidly growing companies, mainly in the communications sector.

Washington is no stranger to Madison Dearborn having invested in all three of its prior funds.

The board also voted to commit up to €150 million (US$228 million) in Bridgepoint Europe IV, a €4 billion pan-European middle-market buyout fund, which will invest in middle-market companies in the retail, healthcare services, financial services, support services, leisure, and media sectors, primarily in the U.K. and Western Europe. This is the second Bridgepoint fund that Washington has invested in.

All told, the board has $13.4 billion allocated to private equity as of the end of December 2007.

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