At the December 10, 2024 State Board of Investment (SBI) Meeting, the Board Approved the follow recommendations:
Meeting Minutes
The Board approved the meeting minutes from the August 14, 2024 meeting.
Emerging Markets Equity Manager
The Board authorized the Executive Director, with assistance from the SBI's legal counsel, to negotiate and execute an Investment Management Agreement with Fidelity Institutional Asset Management to implement its Concentrated Emerging Markets Strategy.
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 | Blackstone | Blackstone Energy Transition Partners IV | up to $50 Million |
| Private Credit | HPS | HPS Strategic Investment Partners VI | up to $200 Million |
| Private Equity | IK Investment Partners | IK Small Cap IV Fund | up to $125 Million |
| Private Equity | KKR | KKR North America Fund XIV | up to $400 Million |
| Private Equity | Nordic Capital | Nordic Capital Evolution Fund II | up to $125 Million |
| Private Equity | EQT | EQT Infrastructure VI | up to $125 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.