Minnesota State Board of Investments, St. Paul, on Aug. 14 approved combined commitments of up to $900 million to four of the $146 billion public pension fund’s long-standing private equity partners.
The biggest chunk of that total, up to $300 million, was committed to BlackRock Long Term Private Capital II, a $5 billion fund focused on making control investments in North American and European businesses generating growing and predictable cash flow, primarily in the services, consumer, healthcare, technology and financial sectors.
Minnesota previously invested $950 million in the first BlackRock fund in the series, which was launched in 2019.
SBI’s next biggest commitment of up to $250 million went to Summit Partners Growth Equity Fund XII, a $9 billion fund focused on growth companies in the technology, healthcare and life sciences, and growth products and services sectors.
Minnesota has invested in seven of Summit Partners’ 11 previous funds in that series, including a $250 million commitment to Summit Partners Growth Equity Fund XI.
The board likewise approved a commitment of up to $200 million to Thomas H. Lee Equity Fund X, a $6.25 billion fund managed by Thomas H. Lee Partners that focuses on middle-market buyout investments, mainly in North America, with a focus on financial technology and services, healthcare, and technology and business solutions.
Minnesota has invested in Thomas H. Lee Partners’ three previous funds.
SBI committed up to $150 million to Thoma Bravo Fund XVI, a $20 billion fund focused on predominantly buyout investments in North American software and technology-enabled services companies.
Minnesota has invested in six previous Thoma Bravo funds, including a commitment of up to $100 million in that private equity veteran’s $24.3 billion Thoma Bravo Fund XV.
