Minnesota State Board of Investment, St. Paul, committed a total of up to $1.475 billion to nine alternative investment funds at a board meeting Thursday.
The board accepted the recommendations of the investment committee, pending successful contract negotiations, confirmed Mansco Perry III, executive director and chief investment officer.
In private equity, it committed up to:
- $250 million to Brookfield Capital Partners V, a real assets-focused buyout fund, managed by Brookfield Asset Management.
- $250 million to Warburg Pincus Global Growth, which will target sustainable value companies.
- $250 million to Welsh, Carson, Anderson & Stowe XIII, which will invest in North American health-care and information technology companies.
- $150 million to Paine Schwartz Food Chain Fund V, managed by Paine Schwartz Partners to invest globally in food and agribusiness sectors.
- $150 million to Thoma Bravo Fund XIII, a buyout fund that focuses on investments in North American software companies.
- $100 million to China-U.S. Industrial Cooperation Partnership, a fund jointly managed by Goldman Sachs Group (GS) and China Investment Corp., China's $200 billion sovereign wealth fund. The fund will invest in U.S. firms that focus on providing access to commercial opportunities in China.
- And $75 million to Goldner Hawn Fund VII, a middle-market fund managed by Goldner Hawn Johnson & Morrison.
Also, the board approved a total commitment of $250 million to Angelo, Gordon & Co. to be split between AG Realty Fund X and AG Asia Realty Fund IV. Mr. Perry said the exact breakdown of the commitment between the two real estate funds has not been set.
The board had a 13.8% allocation to private markets as of March 31.
The Minnesota State Board of Investment manages a total of about $90 billion in state funds, including $70 billion in public pension assets.