Washington State Investment Board is planning to invest $750m (€553m) with Stonepeak Infrastructure Partners.

The pension fund said it intends to commit $600m to Stonepeak Infrastructure Fund III and a further $150m to a co-investment vehicle.

As previously reported by IPE Real Assets, Stonepeak is aiming to raise $5bn for its latest fund, which will invest in large infrastructure projects in North America.

Stonepeak Evergreen Investment Partners has been created to co-invest alongside the fund and for other investments made by Stonepeak on behalf of Washington State Investment Board.

The commitments, recommended by the private markets committee, are up for approval at the pension fund’s board meeting on 16 November.

Washington State Investment Board began investing with Stonepeak in 2012, and has invested a total of $785m with the manager through funds and co-investments.

Its infrastructure investments, which were valued at $1.57bn in March, form part of its $2.23bn tangible assets portfolio, representing 3.66% of total assets.