Washington Allocates Over $1B To Four Private Equity Managers

The $66.9 billion Washington State Investment Board has hired four private equity managers to handle a total of $1.375 billion. 

Liz Mendizabal, spokeswoman, said the plan will invest up to $250 million in Fortress Investment Fund IV, $200 million in Blackstone Capital Partners V, $750 million in TPG Partners V and $175 million in Madison Dearborn Capital Partners V. Fortress’ fund makes control-oriented investments in asset-based businesses, and the investment is the board’s fourth with the group. Blackstone’s fund is a buyout fund and it is the board’s first investment with the firm. TGP’s fund is a mega buyout fund and it is the third TGP fund the board has invested with. Finally, Madison Dearborn’s fund is a buyout fund focused on large corporate restructuring, and it is the third Madison Dearborn fund in which the board has invested.