The Washington State Investment Board approved a $200 million commitment to TPG Opportunities III at its meeting Thursday, according to an investment board spokesperson.
“TPG has been a long-term investment partner of the WSIB,” the spokesperson said in an email. “Since 2000, the Board has committed in excess of $2 billion to seven TPG-sponsored investment vehicles, including, most recently, $200 million to TOP II in 2012 and TGP Growth II in 2011.”
TPG Opportunities III is targeting $2.65 billion for the fund, a successor to the firm’s TPG Opportunities II special situations vehicle, according to the spokesperson. Pennsylvania Public School Employees’ Retirement System documents describe Fund II as specialising in corporate special situations, distressed debt and non-performing loans.
TPG Opportunities II had generated an 18.01 percent net internal rate of return and 1.1x multiple as of 30 June, according to Washington documents.
TPG’s opportunities platform pursues actively managed credit related investments that are “difficult to source, analyze or execute”, according to the firm’s website. TPG formed the opportunities platform in 2009 in conjunction with former Goldman, Sachs & Co. partner Alan Waxman to capitalise on liquid and illiquid credit dislocations, according to PSERS documents.
In addition to its $200 million commitment to TPG Opportunities III, Washington committed $100 million to agriculture fund Olympic Sun, $200 million to EIG Energy Fund XVI and $150 million to TCV VIII.
Washington’s private equity portfolio includes its commitments to TPG commitments. The portfolio returned 4.2 percent during the second quarter, outperforming the Russell 3000 by 300 basis points, according to an investment report. The private equity portfolio had a $16.4 billion market value as of 30 September.
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