Minnesota State Board of Investment, St. Paul, made commitments totaling $626 million to eight new private equity funds. The board, which oversees $60 billion, committed $200 million to Credit Suisse Strategic Partners; $100 million to Banc Funds Co.; $75 million each to Advent International and Summit Partners; $60 million each to Chicago Growth Partners and Split Rock Partners; $50 million to Gold Hill Capital; and $6 million to Affinity Capital. Howard J. Bicker, executive director, said Advent is the only new manager among the latest private equity hires.
Separately, the board hired SSgA at its March 12 meeting to manage passive U.S. equities as a backstop manager, a place where we can park assets temporarily when the fund has cash on hand and prior to selecting a new manager. SSgA has not been given any assets to date, Mr. Bicker said.