Deals

WSIB awards Twin Creeks Timber $300m mandate

The $106.8bn pension fund has committed the vast majority of its $1.4bn tangible assets allocation to agri-related investments.

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The quiet summer cove on Lake Cushman, Olympic National Forest, western Washington, USA.

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.