UNITED STATES - Washington State Investment Board has approved a commitment of up to $300m ($223m euros) into the Fortress Investment Fund V.

Having agreed the action at its board meeting on May 17th, the investment will be split to give directly invest a portion into the commingled fund while assets will also be invested as a co-investment with the commingled fund.

Washington State has a long history investing with Fortress Investment Group LLC through its previous investment funds.

The pension fund earlier invested $200m in Investment Fund I, $100m in Investment Fund II, $175m in Investment Fund III and $225m in Investment Fund IV and considers these allocations to be private equity commitments.

Fortress is now looking to raise $4bn for Investment Fund V - a commingled fund marketed as an opportunity fund - much of which it hopes will come from pension funds having seen Pennsylvania Public School Employees Retirement System make its commitment.

Funds will then be used to make real estate investments in the United States and Western Europe. Fortress was active in Western Europe in its prior funds, having completed 16 deals in a variety of markets including United Kingdom, Italy and Germany.

Fortress is expecting to place capital in equity and debt investments as well as direct investments in public and private real estate companies as well as using the assets of the fund to lead the restructuring and recapitalization of distressed businesses.

Fortress will invest in a variety of property sectors, including residential, commercial and senior living.