SBI Investment Programs

Assets Under Management

The Minnesota State Board of Investment (SBI) is responsible for the asset management of the five investment programs listed below.  Each investment program, managed by the SBI, uses different investment vehicles to help participating plans, entities, and individuals reach their savings goals.  By pooling the assets within each program, the SBI can offer institutional investment management at a low cost. 

  • The Combined Funds represents the defined benefit assets for the three Statewide Retirement Systems: Minnesota State Retirement System (MSRS), Public Employees Retirement Association (PERA), and Teachers Retirement Association (TRA).
  • Fire Relief Plans + Other Public Retirement Plans, consists of the assets for volunteer firefighter relief associations in the State of Minnesota, the Statewide Volunteer Firefighter Plan, and a participating public retirement plan. 
  • Individuals that invest in the Participant Directed Investment Program select their own investment options from the plan menu provided.  The eligible options offered to the various retirement and tax-advantaged savings plans depend on the statutory requirements, operational limitations, and other regulations established for the participating plans.
  • The Non-Retirement Program provides investment options to state trust funds and various public sector entities eligible to invest with the SBI.
  • State Cash Accounts represents the cash balances of more than 400 state agency accounts, which are managed internally by the SBI in a pooled fund or in separately managed accounts, depending on the legal restrictions of the account.

More information on each investment program can be found by clicking on the links above.  


SBI Assets by Investment Program

SBI Total AUM Pie Chart as of 3 31 2024


Investment Program


Combined Funds $92.8 Billion
Fire Relief Plans + Other Public Retirement Plans  $1.0 Billion
Participant Directed Investment Program (PDIP) $14.8 Billion
Non-Retirement Program $6.3 Billion
State Cash Accounts $27.3 Billion
TOTAL SBI AUM $142.1 Billion
Note: Differentials within total amounts may occur due to rounding