Washington State Investment Board re-ups in FountainVest
Washington State Investment Board has committed $150 million to FountainVest China Growth Capital Fund II. FountainVest Partners, set up by former Temasek Holdings executives in 2007, raised $950 million for its first vehicle four years ago and is targeting $1.25 billion this time around.
Washington State announced its investment in FountainVest alongside allocations of $250 million and $200 million to Aevitas Property Partners and TPG Opportunities Partners II, respectively. The pension fund previously invested $50 million in FountainVest's debut vehicle.
The private equity firm also attracted contributions from the likes of Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan Board, CDC Group and Temasek. According to Washington State's records, FountainVest China Growth Fund had delivered an IRR of 14x and a 1.2x return as of September 2011. Portfolio companies include Enzo Jewelry, die casting machinery manufacturer LK Technology, Central China Real Estate and Universtar Science & Technology.
Washington State has $80 billion in assets under management and $15.2 billion invested in private equity. In February, it announced a $400 million commitment to KKR's second Asia fund, which is seeking up to $6 billion. The pension fund invested the same amount in KKR's first regional fund in 2007.
Affinity Equity Partners and CDH Investments are among the other GPs Washington State backs in Asia. It has also committed $250 million to Actis Global 4 Fund, which is looking for $3.5 billion to invest in Asia, Africa and Latin America.
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