Minnesota State Board of Investment, St. Paul, approved commitments totaling up to $650 million during its meeting Wednesday.
The largest commitment was up to $300 million to Lexington Co-Investment Partners VI, a co-investment fund managed by Lexington Partners that will seek to buy businesses in partnerships with buyout funds.
The board also committed up to $200 million to Brookfield Strategic Real Estate Partners V, a real estate fund managed by Brookfield Asset Management that is looking for opportunistic real estate acquisitions.
Finally, up to $150 million was committed to Blackstone Real Estate Partners Europe VII, which will look for opportunistic European real estate properties to acquire.
All three investment firms are existing managers for the SBI's $85.6 billion combined defined benefit plan pool.
SBI doesn't break down its private market commitments and investments by asset class but does note on its website that the private markets allocation in total accounted for 25.4% of defined benefit plan assets as of June 30.
SBI had a total of $134.7 billion in assets as of June 30, including $85.6 billion in combined defined benefit plan assets as well as $13.5 billion in defined contribution plan assets; $28.9 billion in sate cash accounts; and the balance of assets invested in various other state funds.
