Asia Alternatives gets $100m from Minnesota SBI

The pension fund announced the investment on its website, without offering any further details. Asia Alternatives closed its previous co-mingled fund-of-funds product in April 2015 at $1 billion, raising $800 million for separately managed accounts at the same time.

Minnesota SBI had $85.3 billion in assets as of the end of March, of which $4.8 billion – or 5.6% – was deployed in private equity. It also had $597 million in real estate, $1.5 billion in resources, and $1.1 billion in yield-oriented funds. The alternatives portfolio delivered an annualized return of 8.6% for the three years ended June 2016; the 10-year return was 9.6%.

The pension fund committed $45 million to Warburg Pincus’ debut China fund, which closed at $2 billion in late 2016. That fund invests alongside the firm’s $13.4 billion global flagship vehicle. It is a longstanding LP in Warburg Pincus’ global funds, investing $131 million in the most recent one.

Minnesota SBI also allocated $150 million to KKR’s third regional fund, representing the first time it has backed a pan-Asian vehicle. The fund closed last week at the $9.3 billion hard cap, with $8.5 billion in institutional money and the rest coming from the firm’s employees and balance sheet.

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• Topics
• North America
• Fundraising
• LPs
• Fund-of-funds
• Asia
• USA
• Asia Alternatives Management