Institution: Minnesota State Board of Investment
Headquarters: St Paul, United States
AUM: $89.5 billion
Allocation to alternatives: 17.4%
Minnesota State Board of Investment has committed $225 million across two private real estate vehicles, according to its August 2021 investment board meeting document.
The commitments comprise $125 million to KKR Real Estate Partners Americas III and $100 million to Blackstone Real Estate Partners Asia III. Both fund commitments are re-ups with existing managers.
At the meeting, Minnesota SBI also approved contract renewals with investment consultants Aon Investment USA Inc and Meketa Investment Group.
As illustrated below, Minnesota SBI’s recent real estate commitments have tended to focus on global vehicles employing an opportunistic strategy. The organization currently allocates 1.4 percent of its full investment portfolio to private real estate.
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