By Muskan Arora
The $211bn Washington
State Investment Board expanded its appetite for special credit within its
innovation portfolio.
The board’s independent
consultant, Albourne America, along with the staff, recommended an
allocation of up to $220m to Centerbridge Special Credit Partners V,
L.P, at the recent
meeting.
The proposed investments are included in
the Board-approved 2024 private equity annual plan and are consistent with the
WSIB’s private equity model portfolio.
Centerbridge is a private investment
management firm with a focus on three verticals, including private equity, private
credit and real estate.
The pension plan made its first
commitment to the manager in 2022, by investing up to $200m to Centerbridge
Special Credit Partners IV, and another $400m to the fund’s fifth private
equity fund.
At the same meeting, the board also
received an educational session on private credit.
The system has most exposure to private
equity within its portfolio, followed by public equity and real estate.
WSIB returned 7.93%, 4.50%, and 9.38%,
for its 1-,3-, and 5-year returns respectively, against a benchmark of 11.98%, 3.07%
and 7.04%, as of December 31, 2024.
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