MSRESS III MANAGER

The Minnesota State Board of Investment exercises full control. The SBI sets investment policy, approves major asset-level decisions, and monitors performance. Day-to-day property management is outsourced to third-party operators selected by the SBI's real estate team. No external general partner or investment committee exists outside the SBI's governance structure.

No. The vehicle was established solely to hold and manage legacy assets from the MSRESS II program. It does not raise new capital, pursue acquisitions, or actively market properties for sale. Asset dispositions occur only when market conditions align with the SBI's long-term return objectives, not according to a fund-life timeline.

The portfolio consists of core institutional properties — primarily office, industrial, and retail assets in major US markets. These are stabilized, income-producing properties acquired during the MSRESS II era. The focus is capital preservation and steady yield rather than development or value-add repositioning.

It functions as a legacy-asset silo. The SBI's active real estate program continues through new separate account structures, joint ventures, and REIT allocations. MSRESS III MANAGER isolates older, fully deployed assets so the current real estate team can focus on new origination without being distracted by legacy property management or exit negotiations.

No. The vehicle is a wholly owned subsidiary of the State of Minnesota's pension trust and is closed to outside capital. Earlier MSRESS iterations included limited co-investor participation from other public plans, but the III MANAGER entity is not an investment offering.