Minnesota State Board of Investment, St. Paul, approved commitments totaling $400 million to new funds from two existing alternative credit managers as presented by Gary Martin, chairman of the board's investment advisory committee.
The SBI's investment staff manages a combined $65.2 billion in defined benefit plan assets.
During a conference call meeting May 29, the SBI approved Mr. Martin's recommendation to commit $300 million to Oaktree Capital Management's Oaktree Opportunities Fund XI from the combined fund's $3.1 billion distressed opportunities portfolio.
The board also awarded existing manager TCW Group $100 million for investment in the TCW TALF Opportunities fund, with funding from the defined benefit pool's $2.5 billion private credit portfolio.
The SBI managed a total of $91.5 billion as of March 31, which in addition to defined benefit plans also included $7.1 billion in participant-directed retirement plans and $19.2 billion managed in other state funds.
