Minnesota SBI mulls $300m of commitments to TA Realty, Angelo, Gordon, & Co. real estate funds

The Minnesota State Board of Investment (SBI) is mulling up to $300 million of commitments to two real estate funds, according to a private markets investment report from Feb. 21.

The pension fund would place up to $200 million in TA Realty Associates XIII, managed by TA Realty, and up to $100 million in AG Asia Realty Fund V, managed by Angelo, Gordon, & Co.

Fund XIII is the latest in TA Realty’s flagship series of value-add funds focused on acquiring industrial, office and multifamily assets, as well as grocery-anchored shopping centers in major U.S. markets.

The previous fund in the series, TA Realty Associates Fund XII, closed with $1.2 billion of total equity commitments in March 2020.

AG Asia Realty Fund V is a value-add, opportunistic fund that seeks to invest in various property types in Asia. Launched in April 2022, the vehicle has secured about $2.3 billion of equity commitments against an unknown fundraising target.

The two commitm