Minnesota SBI Allocates $1B to PE, PC, and Infra Funds

The Minnesota State Board of Investments (SBI) committed a total of $1B across six funds, as disclosed in its November 19 meeting materials.

The pension made allocations to funds of five existing managers, four of which are middle-market buyouts: $400M to KKR North America Fund XIV; $125M each to IK Small Cap IV Fund and Nordic Capital Evolution Fund II; and an additional $50M commitment to Blackstone Energy Transition Partners IV. Mezzanine private credit fund HPS Strategic Investment Partners VI also received $200M from the board. 

Additionally, Minnesota SBI committed up to $125M to EQT Infrastructure VI, the 2022 vintage vehicle of the pension’s new real assets manager EQT. 

As of September 30, the Minnesota pension said its current private equity allocation stands at 17.1% of its total portfolio, while private credit and real assets are at 2.1% each. 

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