Minnesota State Board of Investment approves $150m commitment

The US public pension has backed a fund focused on acquiring distressed debt.

Institution: Minnesota State Board of Investment
Headquarters: St. Paul, United States
AUM: $90.20bn
Allocation to alternatives: 13.80%
Bitesize: $100-200m

Minnesota State Board of Investment (Minnesota SBI) has agreed to commit $150 million to Värde Fund XIII, according to a recent report on the pension’s website. Värde Partners’ 13th series fund focuses on the acquisition of distressed debt in North America and Western Europe.

As illustrated in the charts below, Minnesota SBI has committed to five private debt funds with a 2018 or 2019 vintage. Three of these funds focus on acquiring distressed debt, one focuses on the origination of senior debt and one focuses on the financing of subordinated / mezzanine debt.

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