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WSIB approves budgets, audit plan and two private‑market commitments totaling up to $550 million
Summary
At its June 18 meeting the board approved the 2027 meeting schedule, accepted the SAO FY2025 audit, approved the FY2027 internal audit plan, adopted budget requests, and authorized two tangible‑asset investments — up to $250M for Incline 3 Aviation and up to $300M for LS Power Equity Partners 6 — all subject to final negotiation and due diligence.
The Washington State Investment Board on June 18 approved a set of routine governance and investment actions, including budget requests and two major private‑market commitments.
Major outcomes
• Minutes and schedule: The board approved the April 16, 2026 meeting minutes and adopted the proposed 2027 board meeting schedule (Feb. 18; Apr. 15; Jun. 17; Jul. 13–15; Sep. 16; Nov. 18; Dec. 16–17).
• Budgets: Trustees approved the proposed appropriated budget request for 2027 (which included funding for five additional staff positions and an investment‑officer compensation adjustment referenced as a ~10.8% market increase) and the FY2027 non‑appropriated budget as presented by staff.
• Audit matters: The board accepted the State Auditor’s Office FY2025 accountability audit (SAO concluded WSIB complied with relevant statutes and internal policies) and approved the FY2027 internal audit plan, which includes planned coverage for private markets capital calls and distributions, public equity, external manager selection and monitoring, valuation of alternative assets, and an outsourced IT security audit.
• Private markets approvals: After discussion in the Private Markets Committee, trustees voted to: – Authorize up to $250,000,000 (plus fees and expenses) for Incline 3 Aviation Limited Partnership (managed by BBAM), subject to continuing due diligence and final negotiated terms. The fund will invest in commercial aircraft and engines leased globally and is positioned as a tangible‑asset diversification play. – Authorize up to $300,000,000 (plus fees and expenses) for LS Power Equity Partners 6 LP (a North America‑focused power and energy infrastructure fund), also subject to due diligence and final negotiation; staff noted a significant portion of the target investment is directed at renewable energy and energy‑transition opportunities.
• Policy: The board approved minor technical revisions to the Public Markets Equity Retirement Funds Policy (2.10.100) as recommended by the Public Markets Committee.
Votes and thresholds: Actions were adopted by voice vote; specific roll‑call tallies were not recorded in the transcript for these motions. Where approvals were conditional (private investments), staff noted final commitments remain subject to continued due diligence and negotiated terms.
Next steps: Staff will complete due diligence and negotiate final fund documentation for the two tangible‑asset commitments and will report back under usual procurement and investment approval processes.
