The Minnesota State Board of Investments (SBI) has greenlighted a $100 million investment in Rockwood Capital Real Estate Partners Fund XI, a value-added fund managed by Rockwood Capital.
The pension fund could not be reached to comment on the investment.
Launched in January, Fund XI will invest in a variety of real estate assets throughout the United States, including CBD office, hotel, mixed-use, multifamily and retail. Investments will be structured as equity or debt, including various hybrids.
The value-add fund will seek to reposition, re-lease and develop real estate assets, but will not pursue investment opportunities predicated on significant land entitlement, according to Rockwood Capital.
Other investors in the fund include the Nebraska Investment Council, Arkansas Teacher Retirement System, Illinois Municipal Retirement Fund and the District of Columbia Retirement Board.
The fund is seeking $1.25 billion in capital commitments.
