Washington State Investment Board makes $500m follow-on commitment to Asian real estate fund

The Washington State Investment Board (WSIB) has approved a $500 million follow-on investment in a fund managed by Crane Capital.

Crane Capital builds and grows real estate businesses across Asia’s leading cities, according to the company’s website. With its partners, Crane acquires high-quality assets on a value basis and drives investment performance through active operational improvements.

The WSIB made an initial $250 million commitment to Crane in 2019, along with transferring $400 million of existing commitments from Evergreen Real Estate Partners, and a follow-on commitment of $750 million in March 2020.

StepStone, the WSIB’s independent real estate consultant, recommended the new follow-on commitment.