Washington State Investment Board (WSIB) is planning to make a $300m (€259.2m) commitment to Stonepeak’s North America infrastructure fund.

The pension fund disclosed in a board meeting summary that it is considering the commitment to Stonepeak Infrastructure Fund V, subject to due diligence and the final negotiation of terms.

A US Securities and Exchange Commission filing reveals that Stonepeak raised $7.3bn for the core-plus infrastructure fund as of January this year.

Fund V’s initial close is expected in the second quarter of this year, with total capital commitments possibly reaching $10bn.

As previously reported, the Stonepeak is seeking to raise $15bn for Fund V, a fund planning to make 12 to 15 investments in companies across energy transition, transportation, logistics and communications, with each deal ranging from $500m to $1.5bn and held for 5-7 years. 

The targeted net returns for the fund are in the range of 12% to 15%. A portion of the fund could be invested in either a build-to-core strategy or value-add transactions.

Most of the fund’s capital will be invested in the US or Canada, with up to 25% potentially allocated to other OECD countries.

Stonepeak declined a request for comment.

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