The Combined Funds represent the assets of active and retired public employees in the three statewide retirement systems, which include Minnesota State Retirement System (MSRS), Public Employees Retirement Association (PERA), and Teachers Retirement Association (TRA).  The SBI commingles the assets of these plans into the Combined Funds to capture investment efficiencies.

Asset Allocation

The Combined Funds assets are allocated in public equity (domestic and international), fixed income, and private markets. Each asset class may be further differentiated by geography, management style and/or strategy. This diversification is intended to reduce wide fluctuations in investment returns on a year-to-year basis and enhance the fund’s ability to meet or exceed the actuarial return target over the long-term.

Combined Funds Asset Mix as of 12/31/2023

Private Markets allocation includes invested and uninvested amounts  


Asset Class

Percentage (%)

Public Equity 49.9%
Fixed Income 24.6%
Private Markets 25.5%
Private Markets -  Invested  25.2%
Private Markets -  Uninvested  0.3%
Total 100%


Combined Funds Asset Allocation Policy Target



Asset Class

Percentage (%)

Public Equity 50%
Fixed Income 25%
Private Markets 25%


Public Equity Allocation

As of 12/31/2023

Public Equity Allocation Pie Chart 12 31 2023

Fixed Income Allocation

As of 12/31/2023

Fixed Income Allocation Pie Chart 12 31 2023

Private Markets Invested Allocation

As of 12/31/2023

Private Markets Allocations Pie Chart as of December 31 2023


Participating Plans

The composition of public retirement plans in the Combined Funds
as of December 31, 2023
Combined Funds Participating Plans Pie Chart as of December 31 2023