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The pension system’s private equity portfolio has been criticised for its cost and number of manager relationships.
The veteran VC firm invests in technology and healthcare companies, and has maintained consistent performance through leadership transitions.
A paper found substantial differences in experiences across LPs when it comes to the strategy when compared to fund investments.
The firm is seeking €10bn for its seventh buyout fund, almost 50% larger than the target for its 2016-vintage predecessor.
Governor Phil Murphy’s anti-private equity rhetoric during his campaign triggered a hold on commitment but the state’s pension system wants to re-establish its standing.
The London firm is seeking $10.5bn for Fund X, according to Minnesota State Board of Investment documents obtained by PEI.
Profit-with-purpose has made a mark in the past year, despite recent negative headlines.
The firm’s investments are skewed towards transformational and off-the-beaten path transactions, which have generated higher returns.
The firm expects to hold the first close on its latest fund, targeting $8bn, by the end of June.
Concerns over dry powder and pricing have prompted institutional investors to expect diminished performance over the next three years.