Washington State Investment Board (WSIB) is planning to invest $300m (€280.1m) to create an energy transition assets investment separate account with Schroders Greencoat.

The pension fund said the Schroders Greencoat Woodmont Renewables separate account, which is subject to approval at a board meeting on 21 September, will invest in assets in Europe.

The investment by WSIB will represent the pension fund’s first-ever investment with Schroders Greencoat.

“Greencoat’s investment approach of investing in long duration, income yielding investments aligns well with the objectives of our tangible assets portfolio,” WSIB told IPE Real Assets.

The proposed investment will be placed into WSIB’s tangible assets portfolio which was valued at $10.4bn at the end of the first quarter of the year.

WSIB’s tangible assets portfolio comprises 35.3% of energy assets, 31.8% of agriculture, 26.6% of society essentials assets, and 6.3% of minerals and mining assets.

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