Minnesota State Board slates $550 million for private equity

Minnesota State Board of Investment, St. Paul, on Thursday approved a total of up to $550 million in private equity commitments, subject to successful contract negotiations, according to a posting on the board's website.

The board approved recommendations to commit up to $150 million each to Asian Fund III, managed by KKR & Co.; Silver Lake Partners V and Vestar Capital Partners VII. It also approved a recommendation to commit up to $100 million to Adams Street Partners Global Secondary Fund 6.

All four firms manage other funds for the board, which had a 13.2% actual private markets allocation as of Dec. 31 and a 20% target.

The recommendations were made by the board's investment advisory committee at a meeting Feb. 13.

The board oversaw a total of $82.7 billion in assets, including $59.9 billion in state pension assets, as of Dec. 31.