Minnesota commits to Goldman, Lexington funds

The commitment to Lexington's latest mid-market secondaries fund is a re-up for the pension, which has invested at least $750m in the space since 2012.

Minnesota State Board of Investment has allocated $200 million to secondaries vehicles managed by Goldman Sachs Asset Management and Lexington Partners.

The pension committed $100 million to each of Goldman’s Vintage Fund VII and Lexington’s Middle Market Investors Fund IV , according to details from its 1 December quarterly board meeting.

The Lexington commitment is a re-up, as the pension backed the New York-headquartered secondaries firm’s previous three flagship vehicles. Lexington is targeting $2 billion for Middle Market IV and has already received commitments from Taiwan Life Insurance and City of Tallahassee Pension Fund, according to PEI data.

Goldman is seeking $5 billion for Fund VII and had raised almost $3 billion as of late June, as Secondaries Investor reported.

Minnesota has committed at least $750 million to secondaries funds since 2012 including vehicles managed by Adams Street Partners and Blackstone’s Strategic Partners, according to PEI data.

The pension managed $81.4 billion in assets as of 30 September on behalf of all Minnesota state funds and public pension systems.