The $106.8 billion Washington State Investment Board (WSIB) has hired Twin Creeks Timber to manage a $300 million timberland mandate. The mandate was approved at a 18 June board meeting, Liz Mendizabal, spokesperson at WSIB confirmed in an email.
She said the Twin Creek Timber mandate, and a concurrent commitment to a water infrastructure fund – ISQ Cube Hydro Co-Investment Fund – were “both new investments for the WSIB”.
This is the latest agri-related commitment by WSIB as the fund builds out its tangible assets portfolio. It awarded a $300 million mandate to Teays River Investments, a row and permanent crop farmland management company, in April and last year WSIB committed $250 million to US Farming Realty Trust III and $50 million to the ACM Permanent Crops fund. Agriculture now represents the vast majority of WSIB’s $1.4 billion tangible assets programme; agri-related assets represent at least $1.1 billion of that portfolio.