Minnesota State Board of Investment, St. Paul, hired three resource managers on Tuesday — NGP Midstream & Resources, Sheridan Production Partners and TCW Energy — to handle $100 million each. Trustees of the investment board, which manages $49 billion in retirement assets, also approved allocations to new funds managed by existing managers Silver Lake Partners, $100 million for private equity; Blackstone Real Estate Partners, $100 million for real estate; and Blackstone Capital Partners, $40 million for private equity. The board has 15% of total assets committed to alternatives, said Howard J. Bicker, executive director.
Mr. Bicker said the fund terminated Holt-Smith & Yates because of organizational concerns and performance of a $100 million active domestic growth large-cap equity portfolio. Marilyn Holt-Smith, the firm’s founder and managing director, did not return a call seeking comment. The money will be placed in cash, Mr. Bicker said.
Trustees increased the investment policy weight range for enhanced passive international equity investments to 33% of the fund’s $7.35 billion international equity allocation, up from 10%.
The investment board approved adding fixed-income, balanced and money-market investment options to the $750 million Minnesota College Savings Plan. The 529 plan is managed by TIAA-CREF.
