At the October 21, 2025 State Board of Investment (SBI) Meeting, the Board Approved the follow recommendations:
Meeting Minutes
The Board approved the meeting minutes from the March 21, 2025 meeting.
SBI Administrative Committee
The Board approved the Executive Director's FY26 Annual Objectives, the FY26 and FY27 Administrative Budget Plan, the Continuing Fiduciary Education Plan, and the Executive Director's FY26 Evaluation and Salary Process.
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 | |||
|---|---|---|---|
| Asset Class | Manager | Fund Name | Maximum Commitment Amount |
| Private Equity | Advent International | Advent International GPE XI SCSP | up to $150 Million |
| Private Equity | Blackstone | Blackstone Supplemental Account - M, L.P. | up to $300 Million |
| Private Equity | Blackstone | Strategic Partners X | up to $250 Million |
| Private Equity | Bridgepoint Advisers Limited | Bridgepoint Europe VIII | up to $200 Million |
| Real Assets | Energy Capital Partners | ECP VI, L.P. | up to $250 Million |
| Private Credit | Merit Capital Partners | Merit Capital Fund VIII, L.P. | up to $125 Million |
| Private Equity | Nordic Capital | Nordic Capital XII | up to $150 Million |
| Private Equity | Permira | Permira IX | up to $250 Million |
| Real Estate | TA Realty LLC | TA Realty Value-Add Fund XIV, L.P. | up to $200 Million |
| Private Equity | TPG Capital | TPG Capital Partners X, L.P. | up to $150 Million |
| Private Equity | Wind Point Partners | Wind Point Partners XI | up to $200 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.
Asset Allocation Study
The Board approved the 2025 Asset Allocation Study, as it relates to updating the Combined Funds asset allocation policy.
Investment Policy Statement
The Board approved the Investment Policy Statement, and that the Executive Director implement the policy within a reasonable period of time.
Personal Securities Trading Policy
The Board approved the Personal Securities Trading Policy, and that the Executive Director implement the policy within a reasonable period of time.
Revised Public Engagement Policy
The Board approved the revised State Board of Investment Public Engagement Policy.