The Washington State Investment Board, falling into a growing trend among institutional investors, has taken a shine to real assets. The pension system has invested $700 million between four commitments in “tangible assets” since February, with another commitment worth up to $150 million pending a June vote.

The fund’s allocation to tangible assets is distinct from real estate, focusing on four industries: agriculture, energy, infrastructure, and minerals and mining. Its most recent commitments were to a transport and infrastructure fund, a farmland fund, and two commitments to funds that invest in midstream agriculture, with a third pending approval.

WSIB’s tangible assets investment program, initially begun as part of the board’s innovation portfolio, was switched to the real estate portfolio in 2007 and was turned into a standalone program in 2008. The investments are expect