At the October 20, 2025 Investment Advisory Council (IAC) meeting, the IAC endorsed the 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 upcoming 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 | Blackstone | Strategic Partners X | up to $250 Million |
| Private Equity | Blackstone | Blackstone Supplemental Account - M, L.P. | up to $300 Million |
| Private Equity | Bridgepoint Advisers Limited | Bridgepoint Europe VIII | up to $200 Million |
| Private Equity | 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 |
| Private Equity | Wind Point Partners | Wind Point Partners XI | up to $200 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.