Minnesota State Board of Investment hired a new private equity manager, Elevation Associates, to run $75 million. Howard J. Bicker, executive director, said the fund also made follow-on commitments to Merit Energy, $100 million; The Banc Funds, $50 million; Blum Capital Partners, $75 million; and Chicago Growth Partners, $50 million. He did not disclose how much each manager already handles for the $43.5 billion defined benefit plan pool. Funding will come from cash.
Trustees also gave fixed-income managers Goldman Sachs and Dodge & Cox authority to manage more non-dollar and below-investment-grade debt. They also granted emerging market managers authority to cross-hedge currencies. Further information was not available.