Minnesota State Board of Investment, St. Paul, on Wednesday approved commitments totaling $675 million to five private market strategies from the state's combined $74.8 billion defined benefit plan portfolio.
A total of $475 million was awarded at the virtual meeting to two existing private equity managers, confirmed Mansco Perry III, executive director and CIO, in an email. Blackstone Group received a total commitment of $375 million to two strategies, with $250 million to Blackstone Growth Equity and $125 million to a co-investment partnership, a companion fund to the growth equity strategy.
Trustees also approved a commitment of $100 million to private equity fund KKR Core Investments Partnership, run by existing manager KKR & Co.
Additionally, existing manager Oaktree Capital Management received additional commitments of $100 million each to Oaktree Real Estate Opportunities Fund VIII and Oaktree Real Estate Debt Fund III. The board approved initial commitments of $100 million to each fund in February.
The board managed a total of $105.1 billion as of Sept. 30. In addition to the combined defined benefit plan portfolio, SBI managed a total of $8.7 billion in participant-directed defined contribution plans and $850 million in other public defined benefit plans. The balance of assets was managed in cash and other state funds.