FUNDRAISING NEWS | August 15, 2024
The Minnesota State Board of Investment (SBI) said it approved up to $825M in new private markets fund commitments at its Aug. 14, 2024, board meeting, to the following:
The SBI’s Investment Advisory Council (IAC) recommended the new commitments in an Aug. 5 private markets investment program report. In that report, the IAC said SBI’s commitments to private markets represent 24.3% of combined funds, with a total value of $34.54B as of June 30. Of that total, the market value of commitments represents $22.83B and unfunded commitments $11.7B.
With a target fund size of $5B, LTPCII seeks to make investments of $400M to $1B across a portfolio of 8-12 companies in North America and Western Europe in the services, consumer, healthcare, technology, and financial sectors, where LTPCII will seek to be the control or lead investor. It targets companies with growing and predictable cash-flow generation, recurring sources of revenue, and strong balance sheets, and IAC said it “believes that businesses with these characteristics are best positioned to execute a value-creation strategy with moderate leverage.”
With a target fund size of $9B, Summit XII seeks to invest $75M to $500M for a minority or majority position in growth-oriented private companies in the technology, healthcare and life sciences, and growth products and services sectors. The latest commitment marks SBI’s eighth investment in Summit Partners funds, having previously invested $665M across seven earlier funds.
With a target fund size of $20B, Thomas Bravo Fund XVI will seek control buyouts of North American software and technology-enabled services companies, targeting 12-15 investments, with a commitment of over $900M during the life of each investment. The latest commitment is SBI’s seventh in a Thomas Bravo fund, having previously invested $595M across six earlier funds.
With a target fund size of $6.25B, THL Equity Fund X focuses on middle-market buyout opportunities in the financial technology and services, healthcare, and technology business solutions spaces, primarily targeting North American companies with enterprise values of between $250M and $3B. The latest commitment is SBI’s fourth in a Thomas H. Lee fund, having previously invested $400M across three earlier funds.
As of June 30, 2024, the pension fund based in St. Paul, Minnesota had a market value of $146B.
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Koncheng Moua is the Director of Data Management and Strategy at Dakota.
