By Muskan Arora

The $211.5B
Washington State Investment Board committed up to $1.5B to two private equity
funds, in line with its annual plans for 2025.

The pension
plan, with consultant Albourne America, made a commitment of $500M to Advent
International GPE XI. The buyout fund will invest in upper middle-market to larger
companies, with an operationally intensive, sector-focused strategy. WSIB has
invested across all its previous nine funds.

A second commitment made by the plan was for $1B to
Evergreen Park Investment Fund. The buyout and growth equity fund targets middle-market
funds primarily in the secondary market. Fisher Lynch Capital is the general partner of EPIF, which
is structured as an open-ended fund with the WSIB as the fund’s sole limited
partner.

To date, the Board has made several commitments to these funds, including $250M to Fisher Lynch Co-Investment
Partnership in 2006, $500M to Fisher Lynch Co-Investment Partnership II
in 2009, $700M to Fisher Lynch Co-Investment Partnership III in 2016,
$750M to Fisher Lynch Co-Investment Partnership IV in 2019, $100M to Fisher Lynch Co-Investment Partnership V in 2023, and $3.8B to
Evergreen Park Investment Fund since 2021.

As of Dec. 31, 2024, WSIB had allocated 28.9% to its private equity
sleeve.