The Minnesota State Board of Investment (SBI) is considering an investment of up to $100 million in Castlelake Aviation V, a private credit fund focused on the global aviation finance market.
The fund seeks to invest in high-quality aircraft or aircraft-related assets, according to a recent board meeting document. Castlelake Aviation V has a fundraising target of $2 billion.
The fund’s manager, Castlelake, is a global alternative investment manager with approximately $20 billion of capital under management as of March 31. The firm is headquartered in Minneapolis.
As of March 31, Minnesota SBI’s private credit portfolio had a market value of $1.7 billion.