State Investment Commission Overview

The state’s Investment Commission includes Governor Tim Waltz, state auditor Julie Braha, Secretary of State Steve Simon, and Attorney General Keith Ellison.

As noted by Schurtz, the board’s last investment with Wayzata Investment Partners took place in 2012, a time when memberships were structured differently. The firm informed its investors back in 2017 that it would not be raising funds for any future projects.

Schultz pointed out that the Investment Committee began exploring private equity in the 1980s and has developed strong, long-lasting relationships with various fund managers over the years.

“We engage in this sector because we understand that, more often than not, these are high-quality companies. We’re investing in American firms that can yield financial, operational, or leadership enhancements,” she explained.

In a discussion aimed at lawmakers, Schultz suggested that during a recession, a pension fund that has allocated less capital to private equity could be at an advantage.

“Despite the potential for volatility, it’s ultimately beneficial for our members to take this approach over the long term,” she added.