At the August 14, 2024 State Board of Investment (SBI) Meeting, the Board Approved the follow recommendations:
Meeting Minutes
The Board approved the meeting minutes from the May 21, 2024 meeting.
New Private Markets Commitments
The Board authorized the Executive Director to negotiate and execute the private markets fund commitments listed below.
Private Markets Commitments for Consideration APPROVED BY THE BOARD |
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|---|---|---|---|
| Asset Class | Manager | Fund Name | Maximum Commitment Amount |
| Private Equity | BlackRock | LTPC II | up to $300 Million |
| Private Equity | Summit Partners | Summit Partners Growth Equity Fund XII | up to $250 Million |
| Private Equity | Thoma Bravo | Thoma Bravo Fund XVI | up to $150 Million |
| Private Equity | Thomas H. Lee Partners | THL Equity Fund X | up to $200 Million |
Board Approval of these potential commitments does not constitute a binding or legal agreement nor impose any legal obligations on the State Board of Investment. None of the State of Minnesota, the Investment Advisory Council, the State Board of Investment, nor its Executive Director have any liability for reliance by the General Partner upon this approval. Until the Executive Director executes a formal agreement, further due diligence and negotiations may result in the imposition of additional terms and conditions on the General Partner or the reduction or termination of the commitment. Additionally, the final commitment amount listed above may not exceed 20% of the particular fund.