The $24 billion defined benefit fund managed by the Minnesota State Board of Investments, St. Paul, will invest in KKR's 1996 buy-out fund and in Golder Thoma, Cressy Rauner's Fund V, a private industry consolidation fund.
Board meeting minutes show Minnesota's staff has authority to invest up to the lesser of $200 million or 20% of the total commitment to the KKR fund, and the lesser of up to $32 million or 20% of GTCR Fund V.
Also, the board renewed contracts with U.S. fixed-income manager Voyageur Asset Management, and with non-U.S. equity managers State Street Global, Marathon Asset, Rowe Price-Fleming, Scudder Stevens & Clark and Templeton Investment Counsel.
A contract with Jundt Associates, a growth stock manager, was terminated. Jundt executives declined comment as a matter of policy.
