Institution: Minnesota State Board of Investment
Headquarters: St Paul, United States
AUM: $89.5 billion
Allocation to alternatives: 17.4%
Minnesota State Board of Investment committed $650 million across four private equity vehicles at its August 2021 investment board meeting. These commitments were made to the institution’s existing managers.
The commitments comprised $300 million to Summit Partners Growth Equity Investors XI, $150 million to Carlyle Partners VIII, $100 million to Carlyle/MN Co-Invest and an additional $100 million to MN Asia Investors.
Carlyle/MN Co-Invest is a separately managed account with The Carlyle Group that will primarily pursue similar investments as Carlyle Partners VIII.
At the meeting, Minnesota SBI also approved contract renewals with investment consultants Aon Investment USA Inc and Meketa Investment Group.
As illustrated below, Minnesota SBI allocates 11.2 percent of its investment portfolio to private equity. Its recent commitments to private equity have employed a wide range of strategies across multiple sectors.
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