Established in 1885, pursuant to Article XI, Section 8 of the Minnesota Constitution, the Minnesota State Board of Investment (SBI) serves the State of Minnesota by investing the assets of state and local employee benefit plans, other public retirement savings plans, tax advantaged savings plans, and non-retirement assets.

Statutory Authority

All investments undertaken by the SBI are governed by the Prudent Person Rule and other standards codified in Minnesota Statutes, Chapter 11A and Chapter 356A.


The primary responsibility of the Board is to monitor and evaluate the investment programs as a fiduciary with the goal of making sound investment decisions. The Board delegates responsibility through the retention of the Executive Director, staff, consultants, investment professionals, and with the advisory of various committees.


Investment Philosophies

Investment Beliefs

The primary purpose of the Investment Beliefs is to guide the SBI toward sound investing principles related to investing on behalf of the Combined Funds. In this respect, the Beliefs help provide context for SBI’s actions, reflect SBI’s investment values, and acknowledge SBI’s role in supporting the State’s broader retirement systems. When relevant, the SBI also uses these Beliefs as a guide when investing the assets of the other investment programs that it manages, as deemed appropriate.


Investment Policies

Within the requirements defined by state law, the SBI, in conjunction with SBI staff and the Investment Advisory Council, establishes investment policies for all funds under its control.

Board Resolutions

Information on Resolutions adopted by the Board can be found on the Board Resolutions page.