Washington State Investment Board (WSIB) has approved a $500m (€429.7m) follow-on commitment to Calzada Capital Partners.

WSIB told IPE Real Assets that since the inception of the relationship with Calzada, the manager has delivered a 14% annualised return.

Calzada Capital Partners makes equity investments in real estate operating companies (REOCs). WSIB said the new capital could be used by Calzada to target REOCs or to pursue a new strategy.

The current portfolio held by WSIB and Calzada totals investments in 11 companies, according to the manager’s website.

The involved companies invest in self-storage in Chile, manufactured housing US and Australia, as well as retail, industrial and multi-family in the US and Mexico.

Calzada did not respond to a request for comment.

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