Minnesota commits €150m to IK VIII Fund

The state fund and pension asset manager is an existing investor with IK, which is seeking to raise €1.6bn for its latest fund.

The Minnesota State Board of Investment has approved a commitment of €150 million to IK Investment Partners ' eighth fund, IK VIII Fund, according to June meeting minutes from the pension fund. 

Industri Kapital VIII launched in February 2016 with a €1.6 billion target. The buyout, corporate private equity fund will invest in diversified companies in Denmark, Finland, France, Germany, the Netherlands, Norway and Sweden, according to PEI Research and Analytics. 

The pension fund previously invested $200 million in IK VII Fund. The vehicle held a final close on €1.4 billion in 2013, below its €1.7 billion target.  

Minnesota also committed $100 million each to Rockwood Capital 's real estate fund, Rockwood Capital Real Estate Capital Fund V and LBC Credit Management 's credit fund, LBC Credit Partners IV. Both investments are first time commitments for the pension fund to the two general partners, according to the minutes. 

Minnesota State Board of Investment and IK did not respond to requests for comment before press time. 

St. Paul, Minnesota-based Minnesota State Board of Investment has $76.7 billion in assets under management and is responsible for administering and directing the investment of all Minnesota state funds and the pension assets of the statewide public pension systems. The board invests in private equity, private equity real estate, infrastructure and private debt. 

London-based IK has €4.4 billion assets under management and is a pan-European private equity firm focused on investments in the Nordic region, the DACH region (Germany, Austria and Switzerland), France and Benelux region (Belgium, the Netherlands and Luxembourg).