Minnesota State Board of Investment

Overview

Established in 1885, the Minnesota State Board of Investment (SBI) is responsible for managing the assets of the State of Minnesota, including those of the three statewide retirement systems, various defined contribution plans, non-retirement accounts, and tax-advantaged savings plans. As of September 30, 2025, the market value of all assets under management was $157.6 billion. The SBI operates under the Prudent Person Rule and other standards codified in Minnesota Statutes, Chapter 11A and Chapter 356A. The Board's primary responsibility is to monitor and evaluate the investment programs as a fiduciary, aiming to make sound investment decisions. The Board delegates responsibility through the retention of the Executive Director, staff, consultants, investment professionals, and with the advisory of various committees. The SBI's investment philosophy is guided by its Investment Beliefs, which help provide context for its actions, reflect its investment values, and acknowledge its role in supporting the State’s broader retirement systems. The Board's duties, powers, and investment authority are contained in the Minnesota Statutes Chapter 11A. The Board's membership, as specified in the Minnesota Constitution Article XI, includes the Governor (who serves as Chair), State Auditor, Secretary of State, and Attorney General. The Board's governance structure ensures that it operates with a fiduciary responsibility to make prudent investment decisions on behalf of the State of Minnesota and its public employees. The SBI's investment strategies encompass a diverse range of asset classes, including fixed income, equities, private equity, real estate, infrastructure, hedge funds, commodities, distressed and special situations, and ESG and impact investing. The Board's investment approach is designed to achieve long-term financial objectives while managing risk and adhering to its fiduciary duties. The SBI's commitment to responsible investing is reflected in its Environmental, Social, and Governance (ESG) and stewardship initiatives, which are integral to its investment decision-making process. The Board's publications, including annual reports, investment prospectuses, asset listings, and comprehensive performance reports, provide transparency and insight into its investment activities and performance. These publications are available on the SBI's official website and are intended to keep stakeholders informed about the Board's operations and investment outcomes. The SBI's contact information is available on its official website, where stakeholders can find details for general inquiries, data/media requests, and other communications. The Board's office is located at 60 Empire Drive, Suite 100, St. Paul, MN 55103, and operates Monday through Friday from 8:00 A.M. to 4:30 P.M. The Minnesota State Board of Investment continues to serve the State of Minnesota by effectively managing its assets and supporting the financial security of its public employees and retirees through prudent and responsible investment practices.