Minnesota invests in Rockwood fund

The $80 billion Minnesota State Board of Investment committed to invest $100 million in Rockwood Capital’s 10th value-added real estate fund during its June 2 board meeting. This is the board of investment’s first commitment to the New York City–based private equity real estate firm.

Rockwood Capital Real Estate Partners X focuses on the office, retail, hotel and apartment sectors, and it has raised more than $600 million of its $1.1 billion equity fundraising target. The fund is targeting net returns between 12 percent and 14 percent.

The fund has begun investing its capital. It acquired the 390,000-square-foot building at 915 Wilshire Blvd. in downtown Los Angeles for $128 million.

A recent investor in Fund X is the Public Employees Retirement Association of New Mexic