Minnesota State Board of Investment approves $100 million to global renewable fund

The state investment board has backed BlackRock’s third fund dedicated to renewable power investments.

Institution: Minnesota State Board of Investment
Headquarters: St. Paul, United States
Total AUM: $101.11bn
Allocation to Alternatives: 10.2%
Bitesize: $100-200m

Minnesota State Board of Investment has committed $100 million to BlackRock Global Renewable Power Fund III. The fund has a target size of $2.5 billion and will seek to invest in renewable power generation assets with a focus on wind and solar energy, predominantly in OECD countries, according to Minnesota state board documents presented at the most recent meeting.

The $101.11 billion state investment board currently allocates 10.2% of its funds to alternatives.

As illustrated in the charts below, Minnesota State Board of Investment previously committed to six other funds with a focus on renewables, totaling nearly $800 million.

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