The Minnesota State Board of Investment (SBI) is expanding its global private markets portfolio, approving up to $1.6B in new commitments across funds focused on healthcare, technology, consumer services, and other growth sectors.
The pension fund shared the recommended commitments during a recent board meeting. According to meeting materials, Minnesota SBI has committed up to $150M to Advent International GPE XI SCSP fund, an existing manager relationship for the investment board. The buyout fund invests in companies across North America, Europe, and Asia within the healthcare, business and financial services, consumer goods, and industrial technology sectors.
The board also renewed its relationship with Blackstone, pledging up to $250M to Strategic Partners Fund X, which targets secondary interests in mature, high-quality private equity funds from investors seeking liquidity. In addition, the SBI committed up to $300M to the Blackstone Supplemental Account, a customized co-investment vehicle created in 2020 in partnership with the firm.
Additionally, Minnesota SBI is adding up to $200M to Bridgepoint Europe VIII, another existing manager. The fund focuses on middle-market buyouts of growth-oriented European companies in advanced industrials, business and financial services, and healthcare. It is expected to target businesses with enterprise values between €300M and €1B.
The SBI also committed up to $150M to Nordic Capital XII, which invests in upper-middle-market growth buyouts primarily in Northern Europe and healthcare growth buyouts across Europe and North America. Target companies will generally have enterprise values between €300M and €2B. In addition to healthcare, the fund will invest in technology and payments services, industrial technology, and financial services.
Another $250M commitment went to Permira IX, an existing manager that continues to focus on transformational growth opportunities in the consumer, healthcare, services, and technology sectors. Permira targets market-leading companies with resilient business models supported by secular growth trends, often in enterprise technology, digital platforms, iconic consumer brands, and scaling healthcare and services businesses.
As well, the SBI approved up to $150M for TPG Partners X, which invests in middle- and large-market companies in priority sectors including healthcare; software and enterprise technology; internet, digital media, and communications; and business and consumer services.
Rounding out its slate of private equity commitments, the board allocated up to $200M to Wind Point Partners XI, another long-standing manager relationship. The fund will invest in North American middle-market companies with enterprise values between $100M and $1B across the business services, consumer products, and industrial products sectors.
