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.
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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.
Established in 1885 to Article XI, Section 8 of the Minnesota Constitution, the State Board of Investment (SBI) invests assets on behalf of the State of Minnesota, statewide retirement systems, and other public funds.
The State Board of Investment (SBI) operates under a governance framework established by the Minnesota Constitution and state statute. Oversight is provided by the Board, which is responsible for setting investment policy, establishing strategic direction, and ensuring assets are managed in the best interests of participants and beneficiaries.
To find out more on SBI Governance, go to our Governance page. ADD Button
Jill E. Schurtz, Executive Director and Chief Investment Officer
Andy Christensen, Deputy Executive Director
Erol Sonderegger, Deputy Chief Investment Officer
Andrew Krech, Deputy Director, Active Equities
Cassie Boll, Co-Director, Private Marksts
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The Minnesota Legislature has established a seventeen member Investment Advisory Council (IAC) to advise the Board and its staff on investment-related matters. All proposed investment policies are reviewed by the IAC before they are presented to the Board for action.
Link to IAC page
The SBI retains two custodian banks, one for its retirement and trust funds, and another for its state cash accounts. The SBI also retains consultants to assist the Board and Executive Director in the ongoing development and evaluation of its investment programs.
link to Custodian/Consultant page or list providers here