The Minnesota State Board of Investment (SBI) contributed $100 million to KKR Global Infrastructure Investors IV, which held a first close at $14.2 billion in August.
Fund IV opened to investors in late 2020, and KKR set a $12 billion fundraising target for the fund in March. The vehicle will invest in infrastructure assets, such as oil and gas pipelines, as well as renewable-energy projects.
The SBI previously committed to KKR’s Fund III in 2018, according to a spokesperson for the pension fund.
Although the SBI has no specific target allocation to infrastructure, the pension fund does have a 25 percent target allocation to private markets.