Minnesota State Board of Investment, St. Paul, committed $450 million to three private equity funds, said Howard J. Bicker Jr., executive director, in an interview.
The commitments to new funds managed by existing private equity managers were $200 million to Advent International VII; $150 million to CVI Credit Value Fund II and $100 million to Silver Lake Partners IV. The new funds are managed by Advent International, CarVal Investors and Silver Lake Partners, respectively.
The commitments were made at a board meeting on Wednesday. The size of previous commitments to each manager could not be learned.
As of June 30, the Minnesota board managed a total of $62.3 billion, including $52.9 billion of defined benefit plan assets. As of the same date, the fiscal-year return of the DB plan was 2.4%.