In brief: Washington State recommends impact investments with KKR, Ara and Towerbrook

The Washington State Investment Board is considering investing $450 million to impact funds. Its board will consider three fund commitments recommended by the private markets committee, an investment memo seen by New Private Markets shows:

• $150 million in KKR Global Impact II, a buyout fund first registered in June 2021. It had raised $2.19 billion by Q2 2023.
• $200 million in Ara Fund III, a fund seeking to decarbonise industries through control investments. Fund III was launched last year with a $2 billion target, NPM exclusively reported.
• $100 million in TowerBrook Delta, a buyout impact fund launched in 2021. It made its first two deals earlier this year.

This is not the $152 billion pension fund’s first foray into impact. It committed $250 million to TPG Rise III last year, and previously invested $200 million in Rise I in 2017, $250 million in Rise II in 2019, and $325 million in Rise Climate in 2021.