Minnesota State Board of Investment Commits $2.2B Across Private Markets
The $101 billion Minnesota State Board of Investment (SBI) approved $2.2 billion in new commitments across private equity, real assets, and real estate, according to materials from its latest board meeting—reinforcing its long-term strategy of scaling relationships with top-tier managers and expanding exposure to private markets.
SBI committed $1.65 billion to eight private equity funds, all from existing relationships. Blackstone received the largest share at $550 million, including a $300 million allocation to the Blackstone Supplemental Account for co-investments alongside SBI’s current portfolio managers, and $250 million to Blackstone Strategic Partners X, targeting secondary interests in buyout funds.
Additional private equity commitments include:
- $150 million to Advent International GPE XI, a global buyout fund focused on control investments in North America, Europe, and select emerging markets.
- $200 million to Bridgepoint Europe VIII, targeting European middle-market control buyouts.
- $150 million to Nordic Capital XII, focused on upper-middle-market buyouts in Northern Europe and healthcare-focused growth investments in North America and Europe.
- $250 million to Permira IX, a control-oriented buyout strategy across consumer, healthcare, services, and technology sectors in North America and Europe.
- $150 million to TPG Partners X, investing in North American and European middle- and large-market companies.
- $200 million to Wind Point Partners XI, a North American middle-market industrials, consumer, and business services buyout fund.
Beyond private equity buyouts, SBI also expanded exposure to infrastructure, real assets, and mezzanine debt. The board approved a $250 million commitment to Energy Capital Partners VI, investing in electricity and sustainability infrastructure—including power generation tied to accelerating AI-driven data center demand.
In real estate, SBI committed $200 million to TA Realty Value-Add Fund XIV, targeting U.S. multifamily and industrial assets. Additionally, $125 million was allocated to Merit Capital Fund VIII, which focuses on privately negotiated junior capital investments, emphasizing subordinated debt.