The Washington State Investment Board (WSIB) will invest $100 million in Prostar Capital’s Asia-Pacific Energy Infrastructure Fund and will co-invest up to $100 million with Global Terminal Investments, a Prostar portfolio company, a spokesperson for WSIB confirmed.
Prostar Capital, an energy and infrastructure investment firm based in Greenwich, Connecticut, split its sponsor capital into two funds, one focusing on the US, the other on the Asia-Pacific region, each with a target of $750 million, Infrastructure Investor reported in January.
The Asia-Pacific fund will target midstream energy infrastructure assets, such as storage terminals and pipelines.
Infrastructure falls under WSIB’s tangible assets portfolio, an asset class that was established in 2007 and which targets investments in agriculture, commodities, natural resource rights (such as mining), and timber, in addition to infrastructure.
As of June 30, 2014, WSIB had $104 billion under management with $1.27 billion allocated to tangible assets.
Headquartered in Olympia, Washington, WSIB manages 17 state retirement and public funds on behalf of teachers, law enforcement officers, fire fighters and judges. In addition to this, WSIB manages 16 funds that provide benefits and support to industrial insurance, colleges and universities, and developmental disability programmes.