Capital Dynamics, a Swiss asset manager specialising in private equity, has emerged as the surprise victor in an auction to advise the Washington State Investment Board on its $6.2bn (€5.1bn) private equity programme.

It is the second such deal for Capital Dynamics, following the acquisition of Westport Private Equity, a fund of funds with $3bn in private equity assets under management, from Man Group in February. Capital Dynamics was previously known for structuring complex private equity securitised products for institutional investors such as AIG and Prudential Financial.