The ISQ Global Infrastructure Fund II, which is nearing a final close, is to receive $250m (€201m) in capital from Washington State Investment Board (WSIB).

WSIB told IPE Real Assets that its private markets committee last week voted in favour of recommending the commitment. It will be considered at the pension fund’s board meeting on 15 February.

As previously reported, I Squared Capital is aiming to raise $5bn for the infrastructure fund. Its previous fund secured $3bn of commitments in 2014.

A WSIB board meeting report shows that I Squared Capital will limit fundraising to $6.5bn and expects to have a final close in April.

The fund will invest mostly in North America and Europe, but also in countries in Asia and Latin America, and will buy assets worth between $300m and $1bn each. 

If approved, it will be the second time WSIB has invested with I Squared Capital. In 2015, the pension fund co-invested $200m with the fund manager in hydro power.

WSIB has $1.49bn in infrastructure assets, accounting for roughly 1.4% of its $104bn of total assets.