Actis has received a $250million commitment from the Washington State Investment Board for its latest emerging market vehicle Actis Global 4 fund.
Actis is seeking $3.5 billion for the vehicle which is understood to be made up of a $2.2 billion global pool and four separate sub-pools to be allocated to Africa, India, China and Latin America. The Pennsylvania School Employees’ Retirement System (PSERS) is understood to have also backed the fund with $100 million, while the San Francisco Employees’ Retirement System (SFERS) has reportedly pledged an undisclosed amount.
PSERS and SFERS are understood to be limited partners in Actis’ most previous fund, Actis Emerging Markets 3 which closed at $2.9billion in November 2008. The fund manager has 118 limited partners across its four funds, which includes the Commonwealth Development Corporation (CDC).
Actis was spun out of the CDC in 2004 and has since realised $4.3billion from the $1.7bn invested in the period. The investor had approximately $4.6billion in assets under management across its four funds as of March 2011.