UNITED STATES - Washington State Investment Board has made three commitments in real estate and the tangible asset classes amounting to $1.15bn (€782m).
The real estate investments made follow-on commitments with existing managers Evergreen Real Estate Partners and Kitson & Partners.
The pension fund began worked with Evergreen in 2005 and has since invested $1.5bn, as the firm makes entity-level investments in US real estate operating companies.
A further allocation to Florida-based Kitson & Partners is being invested in residential and commercial developments in Florida.
Washington State has also made a new $400m commitment to Hometown America Holdings, LLC, a company which it owns and uses to invest in both manufactured housing and apartments for active adults aged 55 or more.
The strategy of making follow-on commitments with existing managers is a common theme with many US pension funds at present, as sources say it makes sense to work with managers they have a proven track record with, given the risk and uncertainty of today's marketplace.
Washington State has also made its first allocation to a new asset class - $250m to Tangible Assets Co-Investment LLC, which allows the pension fund to co-invest with other investments as part of the tangible asset class such as infrastructure, timber and commodities.
The pension fund created the tangible asset class in November last year and allocated 5% of its plan assets to the class.
Washington State had total plan assets of $78bn on 12 September.