Minnesota State Board of Investment, St. Paul, will make a total of up to $450 million in real estate commitments, pending successful contract negotiations and approval by the board.
The board, which oversees $89.5 billion in state public pension and other assets, plans to commit $150 million each to Carlyle Realty Partners VIII, an opportunistic fund managed by Carlyle Group, and Landmark Real Estate Partners VIII, a secondaries fund run by Landmark Partners. The Carlyle and Landmark commitments would be the first by the board to those managers.
Also, up to $75 million each would be committed to the Blackstone Real Estate Partners Asia II, managed by Blackstone Group, and AG Europe Realty Fund II, run by Angelo Gordon & Co. Both managers run assets for MSBI in other real estate funds.
The board also would commit up to $125 million to Wellspring Capital Partners VI, a private equity fund managed by Wellspring Capital Management, which also is an existing manager for MSBI.
The board had been scheduled to vote on the commitments at a meeting on Friday, but that meeting was canceled and has not been rescheduled. The board's investment advisory committee recommended the commitments on Aug. 14.
Minnesota State Board has a 20% allocation to private markets, including private equity and real estate.
