Minnesota State Board of Investment, St. Paul, approved five new commitments totaling up to $775 million.
The board, which manages a total of $128.9 billion in state assets including $83 billion in its combined fund of defined benefit plan assets, approved the commitments at its Nov. 29 meeting, according to a notice on its website.
Within private equity, the board approved commitments of up to $200 million to Stellex Capital Management's middle-market buyout fund Stellex Capital Partners III; up to $150 million each to leveraged buyout fund Court Square Capital Partners V and TPG Growth VI, a buyout and growth equity fund focused on investments in North America and India; and up to $125 million to middle-market buyout fund Vance Street Capital IV.
Within private credit, the board approved a commitment of up to $150 million to Torchlight Debt Opportunity Fund VIII, a real estate debt fund managed by Torchlight Investors.
Stellex Capital Management, Vance Street Capital and Torchlight Investors are all new managers for the board. The board previously committed up to $150 million to Court Square Capital Partners in 2018 and up to $100 million to TGP Partners IX in 2022.
As of Sept. 30, the actual allocations to private equity and private credit were 19.3% and 2.3%, respectively. The target allocation to private markets, which includes those two asset classes plus real assets and real estate, is 25%.
