Washington State in $425m of re-ups

The Washington State Investment Board made a pair of commitments to Leonard Green & Partners and Endeavour Capital.

The Washington State Investment Board made two big commitments to private equity at its most recent meeting, committing up to $425 million for Green Equity Fund VI and Endeavour Fund VI.

The $83.7 billion retirement system re-upped with Leonard Green & Partners, committing to the sixth fund, which is targeting $5 billion. Details of the fund’s terms and focus were not disclosed. Washington committed $100 million to Green’s fourth fund and $205 million to its fifth, a WSIB spokesperson told Private Equity International.

Leonard Green funds typically make growth investments in the consumer and business services, consumer products, distribution, financial, healthcare and retail sectors, focusing on companies with enterprise values between $500 million and $2 billion, according to its website.

Green’s fifth fund, which raised $5.3 billion in 2007, has generated a 1.3x total value multiple and a net internal rate of return of 20.11 percent as of 31 March, according to Washington state documents.

The firm could not be reached for comment.

Washington also committed $125 million to Endeavour Capital’s sixth fund, which is targeting between $600
million and $675 million. The retirement system committed $50 million to Endeavor’s fourth fund and $65 million to its fifth fund.

Endeavour typically focuses on small to mid-size investments of up to $50 million in equity capital, according to its website. The firm, which maintains several offices on the west coast, typically invests in companies headquartered in the western US.

The firm’s $475 million fifth fund has generated a 0.8x total value multiple and net IRR of 14.5 percent as of 31 March, according to WSIB documents.

As of 30 June, Washington had allocated $15.6 billion, or 18.6 percent, of its assets to private equity, with $7.3 billion in unfunded commitments, according to its website.