Investors - DECEMBER 23, 2014

SDIC invests $222m in energy

by Reg Clodfelter

The South Dakota Investment Council has committed $222 million to the energy sector, divided between two commitments, according to SDIC board documents.

Riverstone Global Energy & Power Fund VI, managed by Riverstone Holdings, received the bulk of the capital, netting $177 million from the investment council. The fund is targeting a $7.5 billion haul to invest in a multitude of energy subsectors including exploration & production, midstream, energy services and power & coal. Its predecessor closed in June 2013 after raising $7.7 billion.

The remaining $50 million was committed to Blackstone Energy Partners II. BEP II is an energy and natural resources vehicle that is reportedly targeting a larger haul than its predecessor, which closed in September 2012 after raising $2.5 billion. Other investors of the fund include the Arizona State Retirement System and the New Mexico State Investment Council, which both committed $75 million to the vehicle.

SDIC houses its energy investments in its private equity portfolio, which has a target allocation of 7 percent of the SDIC’s $13.0 billion in assets.

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