The $106.8 billion Washington State Investment Board is planning to invest $400 million in Stonepeak Infrastructure Fund II, according to recent meeting documents.
The pension fund approved the amount at its private markets committee meeting; the full board meets Dec. 17. This commitment comes about a month after the board invested $1 billion with Global Infrastructure Partners.
The value-added fund, managed by Stonepeak Infrastructure Partners, focuses on midmarket power, midstream, transportation ad communications investments in the United States. The fund recently received commitments from the Employees Retirement System of Texas, the Employees’ Retirement System of Rhode Island, the Oregon Public Employees Retirement Fund, the Maine Public Employees Retirement Fund and the New Mexico Educational Retirement Board. Stonepeak is seeking to raise $2.5 billion for the fund.
WSIB invested $250 million in Stonepeak Infrastructure Fund in 2012. The investment board has a 2.5 percent allocation to tangible assets, which includes its infrastructure investments.