Minnesota State Board of Investment, St. Paul, committed $625 million to private equity funds at a board meeting on Thursday.
Commitments made to new funds managed by existing private equity managers were $175 million to Court Square Capital Partners III; $150 million to Wayzata Opportunity Fund III; and $100 million to Adams Street Global Secondary Fund 5. The new funds are managed by Court Square Capital Partners, Wayzata Investment Partners and Adams Street Partners, respectively. The size of its previous commitments to each manager could not be learned.
SBI trustees approved a $200 million commitment to Green Equity Investors VI, managed by Leonard Green Partners, a new private equity manager for the board, Howard J. Bicker Jr., executive director, said in an interview.
Trustees also renewed the contract of the board’s current consultant, Callan Associates, after a search was conducted beginning last September.
As of Dec. 31, the Minnesota board managed a total of $57.5 billion, including $45.2 billion of defined benefit plan assets. As of the same date, returns of the DB plan were 5.5% for three months, 1.5% for one year, 11.8% for three years, 2.5% for five years, and 5.7% for 10 years. Figures for more than one year are annualized.