# Minnesota State Board of Investment

Minnesota State Board of Investment is a Pension Fund based in Saint Paul, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Saint Paul, United States
- **Region:** North America
- **Address:** Retirement Systems Building, 60 Empire Drive, Suite 100, Saint Paul, MN 55103, United States
- **Founded:** 1885
- **Assets under management:** $157.1B
- **Website:** msbi.us
- **LinkedIn:** https://www.linkedin.com/company/minnesota-state-board-of-investment

## Regulatory record

- **Reports private funds:** No

## About

Minnesota State Board of Investment (SBI) was established in 1885. It invests to secure retirement for Minnesota public employees. SBI also manages assets of tax-advantaged savings plans, state cash accounts, and non-retirement accounts for the State of Minnesota.

## Sectors

- Private Equity
- Real Estate
- Energy & Utilities
- Infrastructure

## People

- Andy Christensen — Deputy Executive Director
- Erol Sonderegger — Deputy Chief Investment Officer

## Questions

### Who runs investment decisions at the Minnesota State Board of Investment?

Jill E. Schurtz serves as Executive Director and Chief Investment Officer. She reports to a board chaired by the governor with the state auditor, secretary of state, and attorney general as members.

### Does the Minnesota State Board of Investment participate in fund commitments or only direct deals?

The board invests primarily through fund commitments and secondaries. Holdings include multiple real estate and private equity funds managed by firms such as TA Realty, Landmark Partners, and Energy Capital Partners.

### What asset classes receive the largest allocations?

Public equities form the core. Private equity accounts for 16.56 percent. Real estate and energy infrastructure appear through named fund commitments including TA Realty Value-Add Fund XIV and Energy Capital Partners VI.

### Where does the Minnesota State Board of Investment source its private market exposure?

Exposure comes through commitments to established managers in private equity, real estate secondaries, and energy funds. Geographic reach covers North America and Europe.

### How is the Minnesota State Board of Investment governed?

A five-member board of elected state officials sets policy. Day-to-day management rests with the Executive Director and Chief Investment Officer plus two deputy executives.

### What service providers support the Minnesota State Board of Investment?

State Street acts as master custodian. Aon, Meketa, and Albourne provide investment advisory services. Korn Ferry has handled executive search since 2022.

## Related profiles

- [Government Employees Pension Fund](https://altss.com/profile/government-employees-pension-fund)
- [SNS Reaal](https://altss.com/profile/sns-reaal)

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Last updated: 2026-07-08T20:43:16.151Z

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