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Washington State commits $850m to real estate

by Jody Barhanovich

The $111.8 billion Washington State Investment Board has committed $850 million to Zocalo Special Situations.

Zocalo Special Situations is a real estate fund managed by Calzada Capital Partners. The fund invests in real estate operating companies on a global basis with an emphasis on the Americas.

Calzada is a real estate operating company that invests exclusively for the Washington State Investment Board. The firm has been investing for WSIB since 2013 when it acquired four real estate operating companies previously directly owned by WSIB. The pension fund has committed more than $4 billion to Calzada so far.

Calzada currently has $6 billion of assets under management and owns seven real estate operating companies.

Washington State has a target allocation to real estate of 15 percent.

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