US pension fund ups PE war chest to $7.5bn

US pension fund the Minnesota State Board of Investments has increased its private equity allocation and may also begin investing outside of the US.

US pension fund Minnesota State Board of Investments is planning to increase its private equity investments by $1.5 billion (€1.1 billion).

A lake in Minnesota: Pensioners will be able to come here to enjoy their part-private equity funded retirement.

Pensions & Investments magazine reported Howard Bicker, executive director of the Minnesota State Board of Investments, as saying the fund would increase its private equity allocation from 10 percent to 12.5 percent of its $60 billion pension assets. 

Bicker also told the magazine the board is considering investing in more funds in Europe, which would be the board’s first allocation specifically focused on funds outside the US.

The pension fund has made commitments to funds managed by US buyout firms Blackstone and Wayzata.