DFX Intelligence
Allocator Intelligence
The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.
Board records
Minnesota State Board of Investment: what the board decided
Read from the boards’ own minutes and meeting packets, each row with the stance the minutes give it. Approved is a vote or a commitment reported as made under delegated authority; recommended is staff or the consultant asking, with no vote in the record; proposed is an item presented for consideration. Every row carries the sentence that says so. A re-up prospect is arithmetic on the tape: the allocator holds Fund N, the manager has Fund N+1 open, and no commitment to it is on the graph; it is labelled an inference and says nothing about intent.
- Mar 26, 2026ApprovedPrivate equityState Board of Investmentcommitment of up to $150 million to TPG Partners X, L.P.private marketsresolved to the fund on the private equity graphPublic plan board and investment committee agendas and minutes
- Oct 21, 2025Approvedre-upPrivate equityState Board of Investmentcommitment of up to $300 million to Blackstone Supplemental Account – M, L.P.the board record reports this commitment at 3 meetings (recommended 2025-10-21, approved 2025-10-21)
- Oct 21, 2025Approvedre-upPrivate equityState Board of Investmentcommitment of up to $250 million to Permira IX.the board record reports this commitment at 3 meetings (recommended 2025-10-21, approved 2025-10-21)
- Oct 21, 2025Approvedre-upPrivate equityState Board of Investmentcommitment of up to $250 million to Strategic Partners X.private marketsresolved to the fund on the private equity graphPublic plan board and investment committee agendas and minutesthe board record reports this commitment at 3 meetings (recommended 2025-10-21, approved 2025-10-21)
- Oct 21, 2025Approvedre-upPrivate equityState Board of Investmentcommitment of up to $250 million to ECP VI, L.P.private marketsresolved to the fund on the private equity graphPublic plan board and investment committee agendas and minutesthe board record reports this commitment at 3 meetings (recommended 2025-10-21, approved 2025-10-21)
- Oct 21, 2025Approvedre-upPrivate equityState Board of Investmentcommitment of up to $200 million to Wind Point Partners XI.private marketsresolved to the fund on the venture graphPublic plan board and investment committee agendas and minutesthe board record reports this commitment at 3 meetings (recommended 2025-10-21, approved 2025-10-21)
- Oct 21, 2025Approvedre-upPrivate equityState Board of Investmentcommitment of up to $200 million to Bridgepoint Europe VIII.the board record reports this commitment at 3 meetings (recommended 2025-10-21, approved 2025-10-21)
- Oct 21, 2025ApprovedPrivate equityState Board of Investmentcommitment of up to $150 million to TA Realty Value-Add Fund XIV, L.P.the board record reports this commitment at 2 meetings (approved 2025-10-21)
- Oct 21, 2025Approvedre-upPrivate equityState Board of Investmentcommitment of up to $150 million to TPG Partners X, L.P.the board record reports this commitment at 2 meetings (recommended 2025-10-21, approved 2025-10-21)
- Oct 21, 2025Approvedre-upPrivate equityState Board of Investmentcommitment of up to $150 million to Advent International GPE XI SCSPprivate marketsresolved to the fund on the venture graphPublic plan board and investment committee agendas and minutesthe board record reports this commitment at 3 meetings (recommended 2025-10-21, approved 2025-10-21)
- Oct 21, 2025Approvedre-upPrivate equityState Board of Investmentcommitment of up to $150 million to Nordic Capital XII.the board record reports this commitment at 3 meetings (recommended 2025-10-21, approved 2025-10-21)
- Oct 21, 2025Approvedre-upPrivate equityState Board of Investment$125M to Merit Capital Fund VIII, L.P.commitment of up to $125 million to Merit Capital Fund VIII, L.P.the board record reports this commitment at 3 meetings (recommended 2025-10-21, approved 2025-10-21)
- Mar 21, 2025Approvedre-upPrivate equityBoard of Trusteesthe SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute a commitment of up to $300 million to Blackstone Capital Partners Asia III L.P.the board record reports this commitment at 3 meetings (proposed 2025-03-21, approved 2025-03-21)
- Mar 21, 2025Approvedre-upPrivate equityBoard of Trusteesthe SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute a commitment of up to $150 million to Sixth Street Opportunities Partners VI, L.P.private marketsresolved to the fund on the venture graphPublic plan board and investment committee agendas and minutesthe board record reports this commitment at 3 meetings (proposed 2025-03-21, approved 2025-03-21)
- Mar 21, 2025Approvednew relationshipPrivate equityBoard of Trusteesthe SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute a commitment of up to $100 million to Trident X US Fund, L.P.the board record reports this commitment at 3 meetings (proposed 2025-03-21, approved 2025-03-21)
- Dec 10, 2024ApprovedPrivate equityBoard of TrusteesThe Investment Advisory Council concurs with Staff’s recommendation that the SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute a commitment of up to $400 million to KKR North America Fund XIV.the board record reports this commitment at 2 meetings (approved 2024-12-10)
- Dec 10, 2024ApprovedPrivate creditBoard of TrusteesThe Investment Advisory Council concurs with Staff’s recommendation that the SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute a commitment of up to $200 million to HPS Strategic Investment Partners VI.the board record reports this commitment at 2 meetings (approved 2024-12-10)
- Dec 10, 2024ApprovedPrivate equityState Board of Investmentthe SBI authorize the Executive Director, with assistance from SBI's legal counsel, to negotiate and execute a commitment of up to $125 million to IK Small Cap IV Fund.the board record reports this commitment at 2 meetings (approved 2024-12-10)
- Dec 10, 2024ApprovedPrivate equityBoard of Trustees$125M to Nordic Capital Evolution Fund II (Nordic Capital) on Investment Advisory Council’s recommendationThe Investment Advisory Council concurs with Staff’s recommendation that the SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute a commitment of up to $125 million to Nordic Capital Evolution Fund II.the board record reports this commitment at 2 meetings (approved 2024-12-10)
- Dec 10, 2024ApprovedInfrastructureBoard of TrusteesThe Investment Advisory Council concurs with Staff’s recommendation that the SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute a commitment of up to $125 million to EQT Infrastructure VI.the board record reports this commitment at 2 meetings (approved 2024-12-10)
- Dec 10, 2024Approvedre-upPrivate equityBoard of Trustees$50.0M to Blackstone Energy Transition Partners IV (Blackstone) on Investment Advisory Council’s recommendationThe Investment Advisory Council concurs with Staff’s recommendation that the SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute an additional commitment of up to $50 million to Blackstone Energy Transition Partners IV.private equityresolved to the fund on the private equity graphPublic plan board and investment committee agendas and minutesthe board record reports this commitment at 2 meetings (approved 2024-12-10)
- Dec 10, 2024ApprovedPublic equityBoard of Trusteesundisclosed amount to Fidelity Institutional Asset Management separate account on Investment Advisory Council (IAC)’s recommendationthe IAC unanimously endorsed Staff’s recommendation for approval by the Board to retain Fidelity Institutional Asset Management to implement its Concentrated Emerging Markets Strategy.Concentrated Emerging Markets StrategyPublic plan board and investment committee agendas and minutes
- Aug 14, 2024Approvedre-upPrivate equityBoard of Trustees$300M to BlackRock LTPC IIthe SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute a commitment of up to $300 million to BlackRock LTPC II.
- Aug 14, 2024Approvedre-upPrivate equityBoard of Trusteesthe SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute a commitment of up to $250 million to Summit Partners Growth Equity Fund XII.private marketsresolved to the fund on the venture graphPublic plan board and investment committee agendas and minutes
- Aug 14, 2024Approvedre-upPrivate equityBoard of Trustees$200M to Thomas H. Lee Equity Fund Xthe SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute a commitment of up to $200 million to Thomas H. Lee Equity Fund X.
- Aug 14, 2024Approvedre-upPrivate equityBoard of Trusteesthe SBI authorize the Executive Director, with assistance from SBI’s legal counsel, to negotiate and execute a commitment of up to $150 million to Thoma Bravo Fund XVI.