Washington Investment Board approves two new private equity investments
(June 17, 2004)

Olympia - The Washington State Investment Board (WSIB) today approved plans to invest in a new, multi-stage venture capital fund available through Oak Investment Partners and another fund being raised by Oaktree Capital Management the most active buyers of distressed debt in the U.S.

Details by fund:

Oak Investment Partners XI, L.P.
WSIB commitment: Up to $100 million
Fund type: Multi-stage venture capital fund with primary focus on communications, information technology, healthcare services, and retail.
Previous experience: The WSIB invested in three Oak funds with commitments of $20 million in Oak VIII in 1998, $60 million to Oak IX in 1999, and $100 million to Oak X in 2000.
Track record: Oak’s net rate of return is 23.5 % since inception
OCM Opportunities Fund V, L.P.
WSIB commitment: Up to $50 million total allocated as follows: Initial $30 million in OCM V with possibility of another $20 million in OCM Vb depending on investment environment.
Fund type: Distressed debt
Previous experience: WSIB invested in OCM funds I, II, III, and IV with commitments of $38.6 million, $75 million, $125 million, and $100 million, respectively.
Track record: OCM’s net rate of return is 10.9% since 1995
In other action, the Board approved a recommendation from its Public Markets Committee to hire LSV Asset Management as a fund manager for active value international equity. The Chicago based firm is focused on stock selection within countries and will share management of the WSIB’s active value international mandate with Delaware International Advisers Ltd..

All investment and the fund manager decisions made by the Board today are subject to continued due diligence and successful negotiations of terms and conditions.

The WSIB was established by the state legislature in 1981 to manage the investments of public retirement and trust fund assets. As of March 31, 2004 the WSIB retirement fund portfolio was valued at $44 billion and total assets under management were at $57.6 billion.