Minnesota State Board of Investment, St. Paul, approved hiring Albourne Partners as the board's first private markets investment consultant for the state's $82.1 billion combined defined benefit plan portfolio at a Feb. 24 meeting, confirmed Mansco Perry II, the SBI’s executive director and CIO in an email.
The search was launched in April.
The SBI managed $20.1 billion or about 25% of defined benefit plan assets as of Dec. 31 in the following private market strategies: private equity, private credit, real estate and natural resources, a transaction report showed.
The SBI managed a total of $114.4 billion as of Dec. 31, including the $82.1 billion in defined benefit plan assets, $9.4 billion in participant-directed defined contribution plans, and the balance managed in other state funds, according to the board's website.
