Minnesota State Board of Investment, St. Paul, on Thursday approved two private equity commitments totaling up to $325 million, said Mansco Perry III, executive director, in an interview.
The board approved committing $200 million to Merit Energy Partners I, a private equity fund investing in oil and gas properties, and up to $125 million to Banc Fund IX, which invests in financial firms.
The commitments are pending contract negotiations.
The board, which oversees $75 billion in assets, has previous commitments with five other Banc Funds and six other Merit funds. Also Thursday, the board approved terminating Turner Investments, which managed more than $350 million in active domestic small-cap growth equities, because of organizational changes at the firm.
An RFP for a replacement manager will be issued “in the future,” said Jeff Bailey, who chairs the board's investment advisory committee and is senior director, financial benefits and analysis, at Target Corp., Minneapolis.
Separately, it was announced James Heidelberg, assistant executive director, will retire in July. LeeAnn Stagg, who was named chief operating officer in March in anticipation of Mr. Heidelberg's retirement, will take over his duties, Mr. Perry said. Ms. Stagg was manager, public programs, at the state board.
