Searches and Hires

Minnesota State Board of Investment slates $1 billion for private markets

Minnesota State Board of Investment, St. Paul, on Tuesday approved a total of $1 billion in alternatives commitments, pending successful contract negotiations.

The board, which oversees $97.1 billion in state pension and other assets, will make real estate commitments of up to $300 million to Blackstone Real Estate Partners IX, managed by Blackstone Group, and up to $100 million to TA Realty Associates Fund XII, as well as up to $150 million in Blackstone Strategic Partners VIII, a secondary private equity fund.

Also, the board will make private credit commitments of up to $200 million to TCW Direct Lending VII, managed by TCW Group, and up to $100 million to Energy Capital Partners Credit Solutions Fund II.

A commitment of up to $150 million to Merit Energy Partners Fund K, a real assets fund, was also approved.

The five managers have existing investment relationships with the board in other strategies, said Mansco Perry III, the board's executive director and chief investment officer.

The board had a 13.8% allocation to private markets as of Sept. 30.