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Washington State Investment Board commits $1.2 billion to 4 alts funds

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Pensions & Investments | 24 February 2014

Washington State Investment Board commits $1.2 billion to 4 alts funds

BY ROB KOZLOWSKI

Washington State Investment Board, Olympia, made four new commitments totaling up to $1.2 billion, confirmed spokeswoman Liz Mendizabal.

The board, which oversees $94.6 billion, committed up to $600 million to global private equity fund TPG Capital Strategic Partners Account, an interim fund raised prior to TPG VII. The board has committed more than $2 billion to seven previous TPG funds since 2000.

Separately, the board committed up to €220 million ($302 million) to buyout fund Permira V, managed by Permira Advisers Group. The board previously committed €100 million to Permira IV in 2006.

The board also committed up to $250 million to Steelhead Midstream, an agricultural separate account managed by Wood Creek Capital Management. The Washington board owns 98.5% of the equity, with Wood Creek owning the other 1.5%.

A $50 million commitment also was made to ACM Permanent Crops, managed by Agriculture Capital Management. It's the first fund for ACM, which was founded in 2012.

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Sustainable Business Oregon | 18 February 2014

SEC: Portland sustainability fund lands $74M

By Andy Giegerich

A Portland-based investment firm has procured $74 million for an agriculture-linked fund.

The firm, called ACM Permanent Crops LLC, shares the same Pearl District office address as Equilibrium Capital Group. The fundraising round was disclosed in a Feb. 14 filing with the Securities and Exchange Commission.

Bill Campbell, Equilibrium’s CFO who’s listed on the SEC filing as ACM’s assistant secretary, said by email that the group can’t discuss the filing because it’s in a quiet period.

The company’s website indicates that the firm seeks “superior value creation from vertically integrated, sustainable farming.”

Form D filings sometimes offer an incomplete picture of a fundraising round. It’s also unclear if the ACM fund plans to continue raising money until it hits a stated $200 million offering limit.

According to the SEC filing, the securities first went on sale Jan. 30. The fund is accepting no investments lower than $5 million.

The filing indicates that three investors have so far put money into the fund.

Equilibrium’s Principal Dave Chen, during a November 2012 SBO event, maintained that conversations about agricultural investing have become the norm in recent years. He at the time pointed to the Michigan Municipal Employees’ Retirement System’s investment of $180 million into a sustainable agriculture fund.

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  • 24 Feb 2014

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