The Minnesota State Board of Investment (SBI), which manages over $60 billion (€38.9 billion) in state assets and employee retirement funds, has committed $626 million to a slew of private equity firms.
The board committed $200 million to a Credit Suisse Strategic Partners fund; $100 million to a Banc Funds Co. fund; $75 million apiece to Advent International and Summit Partners funds; $60 million apiece to Chicago Growth Partners and Split Rock Partners funds; $50 million to a Gold Hill Capital fund; and $6 million to Affinity Capital funds, according to a report in Pensions and Investments.
Advent, which represents the only new relationship for the pension, is currently raising a $7.72 billion mega buyout fund, while Summit is raising a $500 million subordinated debt fund. Officials at the Minnesota asset manager could not answer whether the most recent commitment were pledged to those respective funds, or the names of any of the funds involved.
As of last year, the Minnesota SBI had a 13 percent target allocation to alternatives, with $3.5 billion devoted to private equity. In October, the board committed a total of $750 million to five alternative managers, including Goldman Sachs, Natural Gas Partners, and Warburg Pincus.