Filter by topic: Statutory Authority | Governance | Investment Policy Statement | Investment Beliefs
The Minnesota State Board of Investment (SBI) manages investment assets on behalf of the State of Minnesota, statewide retirement systems, and other public funds. With $161.0 billion in assets under management as of December 31, 2025, and more than 140 years of operation, the SBI invests these assets prudently to support the long-term financial needs of participants and beneficiaries.
Established in 1885, pursuant to Article XI, Section 8 of the Minnesota Constitution, the Minnesota State Board of Investment (SBI) serves the State of Minnesota by investing the assets of state and local employee benefit plans, other public retirement savings plans, tax advantaged savings plans, and non-retirement assets.
All investments undertaken by the SBI are governed by the Prudent Person Rule and other standards codified in Minnesota Statutes, Chapter 11A and Chapter 356A.
SBI Board
The SBI Board provides fiduciary governance and oversight for the investment programs of various pools of assets, including the statewide public retirement systems. The Board delegates primary responsibility for the day-to-day management of these investment programs to the SBI Executive Director/Chief Investment Officer. View Board Members.
Investment Advisory Council
The Board is further assisted in carrying out its fiduciary responsibilities by a 17-member Investment Advisory Council (IAC) as well as nationally recognized investment consultants and other independent service providers.
The Investment Advisory Council (IAC) is established pursuant to Minnesota Statutes Section 11A.08 to advise the Board and Executive Director on certain investment matters.
The SBI Investment Policy Statement incorporates the relevant laws, board policies, resolutions, and standards the guide the management of the SBI's investments.
The primary purpose of the Investment Beliefs is to guide the SBI toward sound investing principles related to investing on behalf of the Combined Funds. In this respect, the Beliefs help provide context for SBI’s actions, reflect SBI’s investment values, and acknowledge SBI’s role in supporting the State’s broader retirement systems. When relevant, the SBI also uses these Beliefs as a guide when investing the assets of the other investment programs that it manages, as deemed appropriate.
The State Board of Investment (SBI) adopted a set of Investment Beliefs for managing the assets of the Combined Funds. The Beliefs help provide context for SBI’s actions, reflect SBI’s investment values, and acknowledge SBI’s role in supporting the State’s retirement systems. When relevant, the SBI also uses these Beliefs as a guide when investing the assets of the other investment programs that it manages, as deemed appropriate.