Minnesota State Board Earmarks Over $600M to Private Markets
The Minnesota State Board of Investment, which manages $142 billion in assets, expanded its program to include real estate, infrastructure, private equity, and credit funds, with $625 million in mandates.
The allocations follow commitments of up to $575 million in real assets, real estate, and private equity made earlier this year. At the end of the first quarter, the state fund’s private market assets totaled around $23 billion, including pension assets.
The largest recent commitment was to real assets, with $200 million allocated for KKR Global Infrastructure Investors V. The fund seeks infrastructure opportunities in OECD countries across North America and Western Europe. The last vintage of the strategy closed in 2022, with $17 billion in assets.
Blue Owl GP Stakes VI, Blue Owl Capital’s developing private equity strategy, has received a $175 million investment. The GP stakes business has grown to $55.8 billion, with the most recent expansion coming in February through a joint venture with Lunate.
Angelo Gordon received a $125 million commitment for its real estate fund, AG Realty Fund IV. Minnesota has invested in various versions of the strategy since 2014. The fund’s assets are intended to comprise industrial, residential, office, hotel, and retail properties, as well as investments in life sciences, data centers, and student housing.
The last approved allocation was $125 million to private credit via Permira Strategic Opportunities I, a fund focused on opportunistic and special situations credit investments in Europe.
