Washington State Investment Board (WSIB) has approved a $150m (€136.7m) commitment to a fund managed by Monarch Capital Partners.
The pension fund disclosed in a meeting document that it has made the capital commitment to Monarch Capital Partners Fund VI a fund seeking to raise $3.5bn for distress and opportunistic credit investing.
Monarch, a global investor, has a history of investing in a variety of asset classes including real estate and structured credit.
“Monarch has raised five prior vintages of diversified closed-end funds with an overall solid track record,” WSIB said.
WSIB said the commitment is being made via the pension fund’s $1.42bn innovation portfolio which is mainly invested in distressed debt, blended credit, data infrastructure and impact equity.
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