At the November 29, 2023 State Board of Investment (SBI) Meeting, the Board Approved the follow recommendations:
Meeting Minutes
The Board approved the meeting minutes from the August 23, 2023 meeting.
Investment Advisory Council (IAC) Membership
The Board approved the reappointment of Kim Faust, Carol Peterfeso, Sunil Swami, Shawn Wischmeier, and the appointment of Jen Wilson as members of the IAC, with terms expiring in 2028.
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 | Court Square Capital Partners | 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 Equity | Torchlight Investors | Torchlight 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 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.