Minnesota State Board set to commit $550m to PE

The $90.1bn LP is set to commit $150m to Blackstone Capital Partners VIII, $150m to Advent International GPE IX, $150m to Summit Partners Growth Equity X, and $100m Oak Hill Capital Fund V.

Blackstone Capital Partners VIII targets 12-15 control investments per annum in companies that require $50m-1bn or more of equity. The fund has a $20bn target and focuses on large buyouts, mid-market buyouts, buy-and-build platforms, growth equity and energy/power development project investments. The fund invests 25% in Europe, 60% in North America, and 15% in Asia.

Advent International GPE IX has a target between $15-17bn and plans to hold a final close in mid-2019. Its predecessor, Advent International GPE VIII, raised $13bn in 2016 and invests on a global scale.

Summit Partners Growth Equity X has a $4bn target, but could increase its hard-cap to $4.5-5bn. The fund targets technology; healthcare and life sciences; and growth products and services such as business services, financial services, consumer and industrial technology businesses.

Oak Hill Capital Fund V held a first close on $2bn in December 2018, and has a rough target of $3.85bn. It focuses on consumer, retail and distribution, media and communications, industrials, and services.

The above commitments will be presented to the State Board of Investment at its 1 March meeting.

Other recent commitments include Strategic Partners Fund VIII, Warburg Pincus Global Growth Fund, Brookfield Capital Partners V, and Dyal Capital Partners IV.

The LP's total commitments to private equity have grown to $13.7bn, as of December 2018.

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• Topics
• LPs
• Blackstone Group
• Summit Partners
• Advent International