A new a private equity fund managed by KSL Capital is to receive $300m (€246m) from Washington State Investment Board (WSIB).

According to sources familiar with the manager’s capital raising activities, KSL Capital Partners V is planning to raise $2.7bn.

The investment strategy of the fund includes investing in hotels, resorts, clubs, fitness properties and resort real estate globally.

WSIB said its decision to invest was based on the recommendation of its investment consultant, Hamilton Lane.

WSIB’s relationship with KSL Capital dates back to 2006. In 2016, the pension fund invested $250m in KSL Capital Partners IV.

At the end of last year, WSIB’s assets amounted to $128.8bn, including $16.5bn in real estate investments.

An earlier version of this story referred to KSL Capital Partners V as a real estate fund