Minnesota State Board of Investment, St. Paul, approved three new commitments totaling up to $550 million.
The board, which manages a total of $149.7 billion in state assets, including $96.6 billion in its combined fund of defined benefit plan assets, approved commitments of up to $300 million to Asian-focused buyout fund Blackstone Capital Partners Asia III; up to $150 million to Sixth Street Opportunities Partners VI, an opportunistic credit fund managed by Sixth Street Partners; and up to $100 million to Trident X U.S. Fund, a buyout fund managed by Stone Point Capital, at its March 21 meeting, an update on its website showed.
SBI previously committed up to $150 million to global diversified infrastructure fund Blackstone Energy Transition Partners IV in 2024 and up to $75 million to Sixth Street Opportunities Partners V in 2021. Stone Point Capital is a new manager for the board.
As of Dec. 31, the combined funds’ actual allocation to private markets was 24.2%; the target is 25%.
