WSIB commits $300m to KSL Capital Partners’ fund

The $128.8 billion Washington State Investment Board has committed $300 million to KSL Capital Partners V, according to board meeting documents.

KSL Capital Partners V is a private equity fund that will invest in travel and leisure businesses including hotels, resorts, clubs and fitness properties, with a target size of $2.7 billion, according to WSIB’s meeting documents.

WSIB invested $250 million to the fund’s predecessor KSL Capital Partners IV in 2015. The fund held a $2.68 billion final close in 2015, exceeding its $2.25 billion fundraising target. KSL Capital Partners III, held a final close in 2011 with $2 billion in equity commitments.

WSIB has a target allocation to real estate of 15 percent.