Minnesota Board of Investment, St. Paul, approved commitments to private equity funds managed by CVC Capital Partners, Varde Partners and EBF & Associates, according to recently released board meeting minutes.
The board, which oversees $65.2 billion, committed up to €250 million ($328 million) to CVC European Equity Partners VI; up to $200 million to Varde Partners XI; and up to $125 million to EBF's Merced Partners IV.
The board made previous commitments to CVC European Equity Partners V, Varde Partners IX and X, and Merced Partners II and III, according to its 2012 annual report.
Minutes of the June 2 meeting also showed that investments in the board's $51.9 billion combined funds portfolio, which includes the state's defined benefit assets, returned 6.1% in the first quarter vs. the custom benchmark's 5.8% and 11% for the year ended March 31 vs. the benchmark's 10.6%, Howard Bicker, the board's executive director, reported at the meeting.
