Washington State Investment Board (WSIB) is investing $1.25bn (€1.2bn) in US real estate and infrastructure via two of its existing partners.
The pension fund said it has approved a $750m commitment to the Partners Enterprise Capital Holdings real estate operating companies partnership and has placed $500m into the Emerald Energy Venture with National Grid North America.
WSIB told IPE Real Assets that the partnership with Partners Enterprise Capital (PEC) is the pension fund’s longest-serving real estate intermediary, adding that PEC is an expert in US real estate operating companies’ investing.
“PEC’s net internal rate of return from inception is 15.4% as of 30 September 2021 and those results span three major real estate market down cycles over a 23-year period,” the pension fund said
A source told IPE Real Assets that PEC allocates capital to real estate operating companies including Newcastle and Hubb for multifamily and retail real estate and allocates to ML Realty Partners and Seagis Property for industrial assets.
WSIB, investing through its tangibles portfolio has placed capital into the Emerald Energy Venture to mainly target renewable power generating and storage assets. WSIB issued two commitments in 2019 and 2021 worth $644m in total to the venture.
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