Minnesota State Board of Investment, St. Paul, allocated up to $100 million to a new Prudential Capital mezzanine debt fund. Howard J. Bicker, executive director of the $47 billion investment pool, said funding will come from cash.
Separately, $40 million managed by Bay Isle Financial in active domestic large-cap value equities was moved to cash because Bay Isle has discontinued the strategy, Mr. Bicker said. Officials at Bay Isle could not be reached by press time to confirm that the strategy had been dropped.(correction appended)