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At the November 13, 2023 Investment Advisory Council (IAC) meeting, the IAC concurred with SBI Staff's recommendation to the private markets fund commitments listed below.

These commitments will be presented to the State Board of Investment at its November 29, 2023 meeting for approval. 

All private markets investment commitments are subject to the amounts listed below or (in the case of commingled funds) a maximum of 20% of the fund - whichever it less. Each of the items below is subject to final negotiations between the firm and the SBI.

Private Markets Commitments for Consideration
(Subject to Board Approval)
Asset Class Manager Fund Name Maximum Commitment Amount
Private Equity Court Square Court Square Capital Partners V  up to $150 Million
Private Equity TPG Capital TPG Growth VI  up to $150 Million
Private Equity Stellex Capital Stellex Fund III  up to $200 Million
Private Credit Torchlight Investors Torcvlight Debt Opportunity Fund VIII up to $150 million
Private Equity Vance Street Capital Vance Street Fund IV up to $125 million


Board Approval of these potential commitments is not intended to be, and does not constitute in any way a binding or legal agreement or impose any legal obligations on the State Board of Investment and neither 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 on behalf of the SBI executes a formal agreement, further due diligence and negotiations may result in the imposition of additional terms and conditions on the General Partner or reduction or termination of the commitment.