WSIB approves up to $100 million commitment to Public Pension Capital fund

The Washington State Investment Board voted to approve a private‑markets investment recommendation to commit up to $100,000,000, plus fees and expenses, to an open‑ended fund managed by Public Pension Capital LLC.

Joel Sachs, reporting for the private markets committee, said the recommended commitment would be the WSIB’s first investment with Public Pension Capital and described the fund strategy as targeting lower‑middle‑market buyouts of North America‑headquartered service businesses. "The recommended commitment, if approved, would represent Washington State Investment Board's first investment with public pension capital," Sachs said during the motion presentation.

The motion was moved and seconded by committee members and carried on a voice vote; at least one board member expressed reservations during committee discussion but the motion was adopted in open session.

Committee materials presented a target fund size and a description of the strategy, noting the fund typically invests between $25 million and $150 million of equity in companies valued between $50 million and $500 million and aims for operational improvements to generate long‑term value. The board recorded that the motion passed and the commitment will proceed subject to continuing due diligence and final negotiation of terms and conditions.

Next steps described by staff: negotiation of final terms, completion of remaining due diligence, and return to committee/board for final authorization if material conditions change.