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Minnesota State Board Approves New Target Range of 20% and 32% for Private Markets, Selects Two Real Estate Funds

Minnesota State Board Approves New Target Range of 20% and 32% for Private Markets, Selects Two Real Estate Funds

The Minnesota State Board of Investment (SBI), which manages $124 billion in retirement and other state funds, approved a new target range for private markets between 20% and 32% of overall assets.

In real estate, SBI greenlighted $100 million to Angelo, Gordon & Co’s. AG Asia Realty Fund V and $200 million to TA Realty’s Realty Associates XIII.

Fund XIII is the latest in TA Realty’s series of value-add funds focused on acquiring industrial, office and multifamily assets, as well as grocery-anchored shopping centers in major US markets.

AG Asia Realty Fund V is a value-add, opportunistic fund that seeks to invest in various property types in Asia. Launched in April 2022, the vehicle has secured about $2.3 billion of equity commitments against an unknown fundraising target.

In the private equity space, the Board selected Goldner Hawn’s Goldner Hawn VIII with a $100 million commitment; a $200 million pledge to Hellman & Friedman’s HFCP XI; a $150 commitment to Paine Schwartz Food Chain VI; and Windjammer Capital VI with $200 million.

In private credit, Marathon’s MDCF III received a commitment of up to $250 million and in real assets, the ECP V fund was approved for a $200 million commitment.

The system currently has 25.7% allocated to private market strategies, including private equity, private credit, real assets and real estate. Officials wrote in its latest commitments update that while the portfolio has been consistently underweight for much of the last decade, in 2022 due to market fluctuations the size of the portfolio relative to the rest of the investment portfolio increased substantially.

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Minnesota State Board of Investment

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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