Minnesota State Board of Investment, St. Paul, with $42 billion in retirement plan assets, committed up to $50 million in Goldman Sachs Capital Partners 2000; up to $125 million in DLJ Merchant Banking Partners III; and up to $50 million in Thoma Cressey Fund VII. Funding for each of these private equity partnerships was from cash.
The board also adopted the Wilshire 5000 Investible index as its domestic equity benchmark next year, replacing the Wilshire 5000 index.
Also, new state legislation permitted $500 million to $600 million in surplus assets from the $750 million Workers Compensation Assigned Risk Plan to be used for other purposes in the state; assets have been reduced to $350 million to date, said Howard J. Bicker, executive director. The plans equity manager, GE Asset Management, now manages $100 million, and its bond manager, Voyageur Asset Management, $250 million.