Minnesota BOI considers $150m to debt fund
Investors - NOVEMBER 22, 2023

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Minnesota BOI considers $150m to debt fund

by Lewis Dayton

The Minnesota Board of Investment (BOI) is considering a commitment of as much as $150 million to Torchlight Debt Opportunity Fund (TDOF) VIII. The Board will review the recommendation at its Nov. 29 meeting.

Managed by Torchlight Investors, TDOF VIII will invest in debt and CMBS in CBD office, hotel, industrial, multifamily and retail markets.

TDOF VIII’s predecessor fund, TDOF VII, closed in October 2021 with $2.04 billion of committed capital, surpassing its $1.5 billion target.

The Minnesota BOI, which oversees multiple statewide retirement systems as well as other plans and accounts, has $85.7 billion of assets under management and posted a net return of 8.9 percent for the fiscal year that ended on June 30, outperforming its 8.7 percent benchmark.

Over the past three, five and 10 years, the Minnesota BOI has returned net annualized yields of 9.9 percent, 8.2 percent and 8.8 pe

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