Minnesota State Board of Investment

Registry · Top 100 · Minnesota · U.S. state investment board · established 1885

Last researched: 7 September 2026 (America/Toronto). Corrections: info@universalassetowners.com. Public-safe profile: no private staff emails or personal phones.

• Executive brief
• Speakable summary
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• Investment philosophy & strategy
• Climate / ESG / stewardship
• Performance & reporting
• Controversies & debates
• Timeline
• FAQ
• Sources
• Completeness note

Executive brief

Minnesota State Board of Investment (SBI) — also styled MSBI on official materials — is the constitutional investment authority for the State of Minnesota. It was established in 1885 pursuant to Article XI, Section 8 of the Minnesota Constitution. The live official public site is msbi.us. Prefer official US dollars as published by the SBI; do not invent unofficial FX headlines.

Primary scale opened for this pack (official USD):

• As of 30 June 2025 (FY25 Annual Report): total assets under management $155.9 billion; Combined Funds $101.2 billion.
• As of 31 December 2025 (SBI Overview presentation to the Legislative Commission on Pensions and Retirement, 10 March 2026): total assets $161.0 billion; Combined Funds $107.6 billion.
• As of 31 March 2026 (msbi.us Assets Under Management / Combined Funds pages; Combined Funds quarterly performance PDF): total SBI AUM $157.1 billion; Combined Funds ending market value $105.7 billion ($105,668 million).

An older INST working band of roughly US$140 billion is stale relative to these primary USD prints. Cite the dated official figures above; do not invent a single undifferentiated headline around $140 billion.

Leadership verified on the live Staff page and FY25 Annual Report roster: Jill E. Schurtz holds the combined title Executive Director and Chief Investment Officer. The Board retains the Executive Director/CIO as one seat and delegates day-to-day management of the investment programs. Do not invent a separate top CIO if Schurtz holds both. Erol Sonderegger is Deputy Chief Investment Officer (still current on staff page and FY25 AR). Andy Christensen is Deputy Executive Director. Andrew Krech is Deputy Director, Head of Active Strategies.

Constitutional Board members named in the FY25 Annual Report: Governor Tim Walz (Chair), Attorney General Keith Ellison, Secretary of State Steve Simon, State Auditor Julie Blaha. A 17-member Investment Advisory Council advises the Board and Executive Director under Minnesota Statutes Section 11A.08.

FY25 Combined Funds performance (net of investment management fees): +10.9% for the fiscal year; trailing 10-year annualized +8.9%. The ED/CIO letter states the Combined Funds ranked in the top quartile or better versus its peer universe over the 1-, 3-, 5-, 10-, and 20-year periods ending 30 June 2025. The legislature’s actuarial assumed rate of return for the three statewide retirement systems is 7.0% (set in 2023).

Why researchers care: SBI is a large U.S. public pension investment board with a multi-program platform (Combined Funds, fire/other retirement, participant-directed savings, non-retirement trusts, and a large state cash book), constitutional governance by four statewide elected officials, a published Investment Beliefs stack, and extensive public reporting. Peer Registry hubs include SWIB, Florida SBA, Washington State Investment Board, CalPERS, CalSTRS, and NYS Common Retirement Fund.

Schema on this page uses Organization and GovernmentOrganization. No official SBI video embed suitable for official video schema was found on opened primaries — official video schema omitted. Public-safe: this profile omits private staff emails and personal phone numbers.

Speakable summary

The Minnesota State Board of Investment is Minnesota’s constitutional investment board, established in 1885. Jill E. Schurtz serves as Executive Director and Chief Investment Officer — a combined role. Official USD assets were one hundred fifty-five point nine billion dollars as of June thirtieth, twenty twenty-five, and one hundred fifty-seven point one billion dollars as of March thirty-first, twenty twenty-six. The Combined Funds, which hold defined-benefit assets for MSRS, PERA, and TRA, returned plus ten point nine percent net of fees in fiscal year twenty twenty-five.

Mandate & ownership

Under Article XI, Section 8 of the Minnesota Constitution, the State Board of Investment consists of the Governor (designated Chair), the State Auditor, the Secretary of State, and the Attorney General. The Board provides fiduciary governance and oversight for the investment programs of various pools of assets, including the statewide public retirement systems. Day-to-day management is delegated to the Executive Director / Chief Investment Officer retained by the Board.

Official About language (msbi.us): established in 1885, the 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 are governed by the Prudent Person Rule and other standards codified in Minnesota Statutes Chapter 11A and Chapter 356A. The prudent person rule in Section 11A.09 requires Board members, Investment Advisory Council members, and SBI staff to act in good faith and exercise the judgment and care that persons of prudence, discretion, and intelligence would exercise under the circumstances then prevailing.

What the mandate is: institutional investment management across a family of programs with distinct legal and plan requirements — Combined Funds (defined-benefit assets of the three Statewide Retirement Systems), fire relief and other public retirement plans, participant-directed tax-advantaged and state-sponsored savings plans, non-retirement trust and OPEB-type accounts, and state cash accounts. By pooling assets within each program, the SBI states it can offer institutional investment management at low cost.

What the mandate is not: the SBI is not itself the benefits administrator for MSRS, PERA, or TRA (those systems administer benefits), and it is not a private asset manager. It is a constitutional government investment board. Keep plan-sponsor identities distinct from the SBI’s investment role.

Primary mission language from the FY25 Executive Director and CIO letter: help ensure the retirement security of Minnesota’s public employees through investment of Combined Funds assets, while also providing investment services to other SBI stakeholders in tax-advantaged savings, non-retirement, and state cash accounts.

Scale & portfolio

Prefer official USD from msbi.us and the FY25 Annual Report. Three dated total-AUM prints opened for this pack:

FY25 Annual Report “Funds Under Management” table (millions of USD, 30 June 2025): Combined Funds $101,221.4; Other Retirement Funds $1,567.9; Tax-Advantaged Savings Plans $13,598.4; State-Sponsored Savings Plans $2,303.1; Non-Retirement Investment Program $6,920.6; State Cash Accounts $30,247.9; Total $155,859.3 (rounds to $155.9 billion). Totals may not add due to rounding, as the report notes.

Composition of Combined Funds at FYE 2025 (millions): MSRS $22,939.5; PERA $47,033.4; TRA $31,248.6; total $101,221.4. MSRS sub-funds detailed in Figure 10 include State Employees Retirement Fund $19,487.5; Correctional Employees $1,981.6; State Patrol $1,152.2; Judges $318.2 among others listed in the Annual Report.

Website AUM table as of 31 March 2026: Combined Funds $105.7B; Fire Relief Plans + Other Retirement Funds $1.7B; Tax-Advantaged Savings Plans $14.1B; State-Sponsored Savings Plans $2.4B; Non-Retirement Program $6.9B; State Cash Accounts $26.4B; TOTAL SBI AUM $157.1B.

Combined Funds asset mix as of 31 March 2026 (msbi.us Combined Funds page; private markets includes invested and uninvested amounts): Public Equity 52.0%; Fixed Income 26.0%; Private Markets 21.9% (invested 21.0%; uninvested 1.0%). Policy target: Public Equity 50%; Fixed Income 25%; Private Markets 25%.

Quarterly Combined Funds change in market value for the quarter ending 31 March 2026 (official quarterly PDF): beginning market value $107,586 million; net contributions −$654 million; investment return −$1,264 million; ending market value $105,668 million.

Most Combined Funds assets are managed externally by institutional managers in separate accounts (primarily public markets) or commingled vehicles (primarily private markets). Managers are grouped into asset-class “Investment Pools”; plans purchase units analogous to mutual-fund shares. The Supplemental Investment Fund (SIF) platform shares many of the same pools. Custodians named in the FY25 AR: State Street Corporation for retirement and trust funds; Principal Bank for state cash accounts.

Governance & leadership

Constitutional Board

Board membership is fixed by the Minnesota Constitution: Governor (Chair), State Auditor, Secretary of State, and Attorney General. FY25 Annual Report names: Tim Walz (Governor, Chair), Keith Ellison (Attorney General), Steve Simon (Secretary of State), Julie Blaha (State Auditor). The Board monitors and evaluates investment programs as a fiduciary. Duties, powers, and investment authority are set out in Minnesota Statutes Chapters 11A and 356A.

Executive Director / CIO (combined)

The Board retains the Executive Director and Chief Investment Officer, who has primary responsibility for day-to-day management of the SBI’s investment programs and employs investment and administrative staff. Official Staff page language: “The Executive Director and Chief Investment Officer for the SBI is retained by the Board and is responsible for the implementation, administration and review of the investment policies established by the Board.”

Verified incumbent: Jill E. Schurtz — Executive Director and Chief Investment Officer. This is a combined title on the Staff page, the FY25 Annual Report executive leadership roster, and the signed ED/CIO letter (December 2025). Do not invent a separate top CIO when Schurtz holds both seats.

Deputy leadership (current on opened primaries)

• Andy Christensen — Deputy Executive Director
• Erol Sonderegger — Deputy Chief Investment Officer (still listed on Staff and FY25 AR)
• Andrew Krech — Deputy Director, Head of Active Strategies
• Cassie Boll — Co-Director, Private Markets
• Jonathan Stacy — Co-Director, Private Markets
• Patricia Ammann — Director, Participant Directed and Non-Retirement Investments
• Paul T. Anderson — Director, Financial Services and Operations
• John Mulé — General Counsel

Additional investment leadership titles appearing on the Staff page (non-exhaustive; titles only as published): Vice President, Director of Risk Management (Dan Covich); Vice President, Director of Fixed Income (Aaron D. Griga); Vice President, Director of Active Public Equities (S. Emily Pechacek); Vice President, Director of Cash Management; and other investment officers and analysts listed in the FY25 AR staff roster. This profile does not invent seats beyond published titles.

Investment Advisory Council

The IAC is established pursuant to Minnesota Statutes Section 11A.08 to advise the Board and Executive Director on certain investment matters. FY25 AR describes a 17-member council. The Governor appoints two active employee representatives and one retiree representative; other seats include representatives connected to the statewide retirement systems and additional members as detailed in the Annual Report roster. The Investment Beliefs document states the IAC’s key role is advising the Board and Executive Director/CIO.

Consultants, audit, and oversight

The SBI retains nationally recognized investment consultants. The FY25 AR and LCPR materials note annual audit by the Office of the Legislative Auditor; the LCPR deck quotes an unqualified (clean) opinion context for the State’s financial statements and the three state retirement systems for the fiscal year ended 30 June 2025, with no written findings or recommendations directed toward the SBI in the cited OLA language.

Investment philosophy & strategy

The SBI adopted a set of Investment Beliefs for managing Combined Funds assets (initially 2017; updated 2022 and 2024 per FY25 AR). When relevant, the Beliefs also guide other programs as deemed appropriate. Official Beliefs themes from msbi.us, the May 2024 Statement of Investment Beliefs PDF, and the AR Introduction include:

• The SBI is a long-term investor whose primary mission is to maintain the viability of the retirement systems it supports; risk taking should reflect liabilities and funding policy.
• Fiduciary duty requires consideration of all material risks and opportunities.
• Strategic allocation policy is the primary determinant of long-term return and risk.
• Some short-term liquidity can be sacrificed for long-term return, but net cash flows and year-by-year benefit payment capacity remain key risk considerations.
• Diversification across regions, asset types, sectors, and risk premia improves risk-adjusted returns when correlations are imperfect.
• There are long-term benefits to managing investment costs.
• The equity risk premium is significantly positive over long horizons though it varies over time, and exposure should be managed across asset classes.
• Private markets offer an illiquidity premium the SBI can capture to raise compound returns and diversify risk.
• It is extremely challenging for a large institution to add significant value over market benchmarks in highly competitive public global equities; passive should be used when confidence in active is low; active can add value where information processing is difficult.
• Roles and authority should be clearly defined: the Board sets policy compliant with statute; the Board delegates implementation to the Executive Director/CIO and oversees implementation and active risk in the context of strategic allocation; the IAC advises the Board and ED/CIO.

Combined Funds investment objectives (FY25 AR): ensure sufficient funds are available for MSRS, PERA, and TRA to pay benefits as promised. The legislature sets the actuarial assumed rate of return — currently 7.0% (2023). Historical evidence cited in the AR supports meaningful allocations to public and private equities as the greatest long-term return opportunity, balanced with fixed income and liquidity needs.

Asset-class architecture for Combined Funds: Public Equity (domestic, international, global), Fixed Income (including core/core-plus and related strategies described in the AR), and Private Markets (private equity, private credit, real estate, and real assets). Actual vs policy weights as of 31 March 2026 are disclosed on the Combined Funds page (see Scale section). Strategic asset allocation changes are documented in Board resolutions concerning Combined Funds asset allocation and liquidity on the SBI website.

Implementation is predominantly external. Domestic equity manager examples listed on the Combined Funds Asset Class Pools page (illustrative, not exhaustive): ArrowMark Partners, Hood River Capital Management, Rice Hall James & Associates, Wellington Management Company (small-cap growth vs Russell 2000 Growth); Goldman Sachs Asset Management (small-cap value); and additional managers across value, growth, and passive sleeves as published in the pools and Annual Report manager summaries. Private markets commitments are listed in periodic private markets asset listings (e.g., 31 March 2026 listing PDF linked from the homepage).

Participant-directed programs (PDIP / tax-advantaged and state-sponsored plans) and the Supplemental Investment Fund (SIF) provide option menus that vary by statutory and plan rules. State cash accounts are largely managed with a capital-preservation and liquidity focus; Principal Bank is custodian for state cash per the AR.

Climate / ESG / stewardship

Official ESG framing (msbi.us ESG & Stewardship): the SBI engages in Environmental, Social, and Governance initiatives to address long-term, material risks and opportunities expected to lead to positive portfolio outcomes. At its February 2020 meeting, the Board passed a resolution concerning ESG initiatives. Consistent with fiduciary responsibility, measures include: continue to actively vote proxies under Board-approved guidelines; continue to participate in ESG coalitions and engage corporations; prepare and update a Stewardship Report and other ESG materials; develop and implement plans for reporting and addressing ESG investment risks; evaluate options for reducing long-term carbon exposure; and promote diversity and inclusion on corporate boards and within the investment industry.

Related official resolutions linked from the ESG page include the SBI Resolution on ESG Initiatives and the SBI Resolution Concerning Reduction of Investments Associated with Thermal Coal Production. Investment Beliefs text in the FY25 AR also states that ESG issues can lead to positive portfolio and governance outcomes; proxy rights are plan assets and a key mechanism for expressing positions; and the SBI must ensure non-financial biases do not prevent working with the best teams, noting research that diversity adds value.

Climate page materials opened for this pack:

• Climate Roadmap — staff approach for implementing the Board’s 2020 ESG resolution; builds on Meketa Investment Group’s Climate Change Investment Analysis Report (2022); aims to provide transparency regarding fiduciary execution on climate topics.
• Resolution on Climate Change Risk-Related Information Transparency (adopted 25 May 2022) — supports the SEC’s then-proposed rules on climate-related disclosures for investors (File No. S7-10-22); SBI comment letter linked from the climate page.
• Meketa climate analysis phases (2022): Phase I Global Trends; Phase II Public Pension Climate Leaders Survey; Phase III focused on the SBI’s portfolio position (as described on the climate page).

Proxy governance: a Board Proxy Committee and published proxy guidelines; shareholder resolutions and engagement materials are posted under Stewardship. This profile cites official resolutions and site pages only — it does not invent exclusion lists or portfolio carbon metrics beyond what opened primaries state.

Performance & reporting

FY25 Combined Funds results (ED/CIO letter and performance tables, net of investment management fees unless noted): fiscal-year return +10.9%; trailing 10-year annualized +8.9%. Annualized Combined Funds performance ending 30 June 2025 versus CPI-U inflation:

The AR states that over the last 20 years, Combined Funds annualized performance exceeded inflation on average by 5.8 percentage points per year. Relative to its peer universe, Combined Funds ranked in the top quartile or better over 1-, 3-, 5-, 10-, and 20-year periods ending 30 June 2025 (ED/CIO letter).

Capital markets backdrop cited in the FY25 letter: Russell 3000 +15.3%; MSCI ACWI ex-U.S. +17.7%; Bloomberg U.S. Aggregate Bond Index +6.1% for FY25. Performance is also evaluated versus a composite of market indices weighted to reflect Combined Funds policy asset allocation — measuring both manager value-add versus broad markets and the impact of allocation decisions.

Interim Combined Funds quarterly PDF (quarter ending 31 March 2026): ending market value $105.7 billion after a quarter with investment return of −$1.264 billion and net contributions of −$654 million from a beginning value of $107.586 billion. Researchers should refresh the Combined Funds Performance PDF and Comprehensive Performance Report pages on msbi.us for the latest interim prints.

Transparency stack (official publications hub): Annual Reports; Annual Audit Letters; SIF / mutual fund prospectuses; public and private markets asset listings; Comprehensive Performance Report; ESG Reports; Board, IAC, Proxy, and Administrative Committee meeting materials; Investment Policy Statement (PDF opened on msbi.us). FY25 AR also includes schedules for investment manager fees and profit sharing, and investment commission and trading volume.

Controversies & debates

Official attributable actions first. The Board’s published ESG, thermal-coal, climate-transparency, and proxy frameworks are the primary attributable policy trail for stewardship debates. Meeting minutes and Board approval packets (for example, October 2025 Board approvals PDF linked from the homepage) document commitments, policy adoptions (including Investment Policy Statement updates with consultants such as Meketa and Aon referenced in minutes), and personal securities trading policy items — cite those packets directly rather than secondary summaries.

Secondary press and advocacy (labeled). Local news, protest coverage, and advocacy videos circulating around Minnesota public investments — including campaigns framed around Israel-related holdings, surveillance contractors, or “divestment” branding — appear in search results and legislative media. Those sources are not SBI official publications. This profile does not invent a narrative from secondary media. Researchers should verify any contested holding against SBI’s own asset listings and Board minutes, and treat protest/advocacy characterizations as secondary until corroborated by primary documents.

Legislative interface: the SBI monitors session activity affecting reporting deadlines, benefits, and investment authority. The FY25 AR legislative update notes the 2025 pension bill modified the SBI’s annual report deadline to align with completion of the annual audit and repealed duplicative consultant reporting, alongside benefit and COLA changes for several plans (session law citations in the AR). The Legislative Commission on Pensions and Retirement receives SBI overview decks (opened: 10 March 2026 deck as of 31 December 2025).

Timeline (annotated, official milestones)

• 1885 — SBI established pursuant to Article XI, Section 8 of the Minnesota Constitution (About / AR Governance).
• Statutory stack — Minnesota Statutes Chapters 11A and 356A; Prudent Person Rule §11A.09; IAC §11A.08.
• 2017 — Investment Beliefs initially adopted; updated 2022 and 2024 (FY25 AR).
• February 2020 — Board resolution concerning ESG initiatives.
• 2021–2022 — Meketa Climate Change Investment Analysis (Phases I–III published 2022 per climate page).
• 25 May 2022 — Resolution on Climate Change Risk-Related Information Transparency (SEC climate disclosure support).
• 2023 — Legislature sets actuarial assumed rate of return for statewide systems at 7.0% (AR).
• 30 Jun 2024 — FY24 AR: total AUM $146.2 billion; Combined Funds $93.6 billion.
• 30 Jun 2025 — FY25 AR: total AUM $155.9 billion; Combined Funds $101.2 billion; Combined Funds FY return +10.9% net.
• October 2025 — Board meeting materials address performance as of 30 Jun 2025, private markets commitments, IPS, and personal securities trading policy.
• December 2025 — ED/CIO Jill E. Schurtz signs FY25 Annual Report letter.
• 31 Dec 2025 — LCPR overview: total assets $161.0 billion; Combined Funds $107.6 billion.
• 10 Mar 2026 — SBI Overview presentation to LCPR.
• 31 Mar 2026 — Website AUM $157.1 billion; Combined Funds $105.7 billion; asset mix Public Equity 52% / Fixed Income 26% / Private Markets 21.9%.

Depth annex — AUM honesty & program map

Researchers comparing SBI to peers must not collapse total SBI AUM into Combined Funds alone. Total AUM includes a large State Cash Accounts book ($30.2B at 30 Jun 2025; $26.4B at 31 Mar 2026) and material tax-advantaged, state-sponsored, and non-retirement balances. Peer “pension only” comparisons should start from Combined Funds ($101.2B FYE25; $105.7B at 31 Mar 2026) plus, if relevant, other retirement funds (about $1.6–$1.7B).

Movement from $155.9B (30 Jun 2025) to $161.0B (31 Dec 2025) to $157.1B (31 Mar 2026) is taken from three different official prints — Annual Report, LCPR deck, and website/quarterly PDF. Interim marks can move with markets and cash flows; always pair the number with its as-of date and source document. The Combined Funds quarterly PDF’s beginning market value of $107.586B for the quarter ending 31 March 2026 aligns with the LCPR Combined Funds figure of $107.6B as of 31 December 2025.

Tax-advantaged savings composition at FYE25 (millions): Health Care Savings Plan $2,343.2; Hennepin County Supplemental Retirement Plan $183.6; Minnesota Deferred Compensation Plan $11,071.7; total $13,598.4. State-sponsored: Minnesota College Savings Plan $2,240.8; Minnesota ABLE Plan $62.3; total $2,303.1. Other retirement funds: Individual Public Retirement Plans $335.1; PERA Defined Contribution Plan $106.4; Statewide Volunteer Firefighter Plan $270.2; Unclassified Retirement Plan $441.6; Volunteer Fire Relief Associations $414.5; total $1,567.9.

INST working estimates around US$140B that may appear in third-party lists should be treated as outdated relative to FY25–FY26 primary USD. This Registry profile privileges the dated official USD prints and refuses invented conversions or rounded “about $140 billion” headlines as current fact.

Figure 8 in the FY25 Annual Report further decomposes “Total Assets Invested by the SBI” of $155.9 billion across Combined Funds plan lines and other retirement categories, reinforcing that headline AUM is a sum of legally distinct programs rather than a single trust. When secondary databases quote a single SBI number without an as-of date or without separating cash, treat that quote as unverified until matched to an SBI primary table.

Depth annex — Combined Funds allocation & pools

Policy target (msbi.us Combined Funds): Public Equity 50%, Fixed Income 25%, Private Markets 25%. Actual mix at 31 March 2026: Public Equity 52.0%, Fixed Income 26.0%, Private Markets 21.9% (of which invested 21.0% and uninvested 1.0%). The uninvested private markets sleeve is an intentional disclosure — researchers should not treat “Private Markets 21.9%” as fully called capital.

FY25 AR discusses Combined Funds asset mix relative to the Trust Universe Comparison Service (TUCS) Master Trust segment: on average, Combined Funds held larger weights to public equity and fixed income (including cash) and a lower allocation to private markets than the TUCS median (AR narrative around Figures 11–12). Historical underlying asset-class allocations are charted in the Annual Report.

Pool structure: external managers are grouped into asset-class Investment Pools; retirement plans own units. Combined Funds and the Supplemental Investment Fund share many pools; some pools are exclusive to Combined Funds. Public Equity Program chapters in the AR cover Domestic Equity, International Equity, Global Equity, and manager summaries; Fixed Income covers core/core-plus and related sleeves; Private Markets covers private equity, private credit, real estate, and real assets with commitment, contribution, distribution, and market value tables for individual funds.

Homepage asset-listing links opened in research include a Private Markets Asset Listing as of 31 March 2026 and a Public Markets Asset Listing as of 30 June 2026 — use those PDFs for holdings-level work rather than secondary scrapers. Domestic equity manager examples on the pools page include ArrowMark Partners, Hood River Capital Management, Rice Hall James & Associates, and Wellington Management Company mapped to Russell 2000 Growth; Goldman Sachs Asset Management mapped to small-cap value; plus additional sleeves disclosed in the live pools table.

Strategic asset allocation changes are memorialized in Board resolutions concerning Combined Funds asset allocation and liquidity, which the Annual Report points researchers to on the SBI website. Those resolutions — not secondary commentary — are the authoritative trail for target shifts over time.

Depth annex — leadership verification discipline

Hard lock for this elite profile: Jill E. Schurtz = Executive Director and Chief Investment Officer (combined). Sources agreeing on that combined title: (1) msbi.us Staff page; (2) FY25 Annual Report “SBI Staff — Executive Leadership” table; (3) signed December 2025 ED/CIO letter in the Annual Report; (4) LCPR overview title framing. Deputy CIO Erol Sonderegger remains listed on Staff and FY25 AR — treat as current unless a later official Staff page removes the title. Deputy Executive Director Andy Christensen likewise verified on the same primaries.

UAO person SSR links used in this page: jill-e-schurtz (match to “Jill E. Schurtz”), with jill-schurtz also resolving; erol-sonderegger; andy-christensen. Do not invent person pages or titles for Board members beyond the constitutional roles named in the Annual Report.

Board vs staff vs IAC: the four constitutional officers set policy and retain the ED/CIO; staff implements; the 17-member IAC advises. Confusing those layers is a common secondary-source error. The Investment Beliefs document explicitly describes Board policy-setting, ED/CIO implementation, and IAC advice. The Board’s primary responsibility language on the Board Members page is to monitor and evaluate the investment programs as a fiduciary with the goal of making sound investment decisions.

Andrew Krech’s title — Deputy Director, Head of Active Strategies — is an active-strategies leadership seat, not a replacement for Schurtz’s combined ED/CIO role. Co-Directors of Private Markets (Cassie Boll; Jonathan Stacy) similarly sit under the investment organization disclosed in the AR roster.

Depth annex — investment programs beyond Combined Funds

Fire Relief Plans + Other Public Retirement Plans. Includes volunteer firefighter relief associations, the Statewide Volunteer Firefighter Plan, and other participating public retirement arrangements described on msbi.us. FYE25 other retirement funds totaled about $1.57 billion across individual public retirement plans, PERA defined contribution, statewide volunteer firefighter, unclassified retirement, and volunteer fire relief association lines.

Participant Directed Investment Program (PDIP). Covers tax-advantaged savings plans (including the Minnesota Deferred Compensation Plan, Health Care Savings Plan, and Hennepin County Supplemental Retirement Plan) and related participant-directed menus. Option sets vary by statute and plan rules. The Minnesota Deferred Compensation Plan alone was $11.07 billion at FYE25 within the tax-advantaged total.

State-Sponsored Savings Plans. Minnesota College Savings Plan ($2.24 billion at FYE25) and Minnesota ABLE Plan ($62.3 million). Prospectuses and SIF investment prospectus PDFs are linked from the homepage and publications hub, including a 2026 Supplemental Investment Fund investment prospectus path opened during research.

Non-Retirement Program. Includes state trust funds, OPEB accounts, and qualifying governmental entities (LCPR deck footnote language). Invested across non-retirement equity, bond, and money-market funds as described in the AR Non-Retirement chapter. The Permanent School Fund, for example, is managed as a perpetual endowment under constitutional constraints, producing spendable income from interest and dividends with target asset allocation and risk exposure managed over time.

State Cash Accounts. Large liquidity pool for state agencies; the AUM page states the large majority are managed internally by the SBI; Principal Bank is custodian per the AR. FYE25 $30.2B; 31 Mar 2026 $26.4B — material to total AUM comparisons and a frequent source of peer-ranking error when cash is silently included or excluded.

Depth annex — peer context for researchers

Among U.S. state investment boards and large public defined-benefit platforms already in the UAO institution Registry, useful comparators include SWIB (combined ED/CIO seat pattern; Core/Variable WRS design), Florida SBA, WSIB, CalPERS, CalSTRS, NYSCRF, and TSP / FRTIB for defined-contribution contrast. SBI’s distinctive features in opened primaries include a constitutional four-officer board (not a large appointed trustee board), Combined Funds unitized pools shared with SIF, a very large state cash book inside total AUM, and explicit Investment Beliefs with ED/CIO delegation language.

Performance peer claims in the FY25 ED/CIO letter (top quartile or better across multiple horizons in the cited universe) should be read alongside the AR’s TUCS methodology notes rather than restated as an undifferentiated “best in class” marketing line. SWIB’s dual Core/Variable structure and Florida SBA’s multi-mandate cash/pension design are especially useful when explaining why total-AUM league tables can mislead without program maps.

International Registry peers with large public DB or SWF footprints (for scale context only, not identical mandates) include profiles such as CPP Investments, NBIM, and GEPF — useful for governance-pattern contrast (corporate manager vs constitutional board vs pension fund/asset-manager split) rather than for USD apples-to-apples AUM.

Depth annex — reporting & data checklist

Outbound primary checklist for analysts updating this profile:

1. msbi.us homepage Market Value banner and news strip
2. Assets Under Management table (program split)
3. Combined Funds page (mix, policy target, performance PDF link)
4. Latest Annual Report PDF (FY25 opened from msbi.us and Minnesota Legislative Reference Library mirror)
5. Combined Funds quarterly performance PDF
6. Public markets and private markets asset listings
7. Investment Policy Statement PDF
8. Statement of Investment Beliefs PDF
9. ESG / Climate / Proxy Committee pages and linked resolutions
10. Board and IAC meeting packets/minutes
11. Staff page (leadership title verification)
12. LCPR or other legislative overview decks when posted

Office address published on site pages: Minnesota State Board of Investment, Retirement Systems Building, 60 Empire Drive, Suite 100, St. Paul, MN 55103. General inquiries mailbox published as Minn.sbi@state.mn.us on the public site — treat as institutional public contact, not a private personal email. This profile still omits phone numbers in running text. Data/media request mailbox Information.sbi@state.mn.us also appears on public pages; use the Contact / How to Request Data flows rather than scraping staff directories.

Annual audit letters and the Comprehensive Performance Report page are additional verification surfaces when reconciling FY-end versus interim returns. Fee and trading-volume schedules in the FY25 AR financial reports section support cost-benchmarking work without relying on secondary fee surveys.

Depth annex — institutional history notes

Continuity since 1885 places SBI among the older U.S. state investment authorities. Constitutional embedding (Article XI §8) means Board composition does not depend on ordinary statute alone — Governor, Auditor, Secretary of State, and Attorney General are ex officio. That structure differs from multi-member appointed boards used by many peer systems and concentrates political accountability in four statewide elected offices.

Modern program breadth — Combined Funds plus participant-directed, non-retirement, and cash — reflects statutory expansions under Chapters 11A and 356A rather than a single-trust model. Unitized asset-class pools are an operational design choice enabling shared manager access across Combined Funds and SIF while preserving plan-level accounting via participation units comparable to mutual-fund shares.

FY24 to FY25 scale-up (total AUM $146.2B → $155.9B; Combined Funds $93.6B → $101.2B) coincides with strong FY25 public market returns described in the ED/CIO letter. Researchers should separate market beta from net-of-fee value-add using the composite benchmark discussion in the Combined Funds performance chapter. FY25 legislative changes to the annual report deadline (aligning with audit completion) are a process milestone affecting publication cadence for future elites updates.

Investment Beliefs evolution (2017 adoption; 2022 and 2024 updates) marks a formalization of philosophy that now sits alongside the Investment Policy Statement as twin pillars of Board policy. Reading Beliefs without the IPS — or the reverse — misses either the “why” or the “how/constraints” layer.

Depth annex — risk, liquidity, and beliefs in practice

Beliefs emphasize that strategic allocation dominates return and risk; that benefit payment capacity and net cash flows constrain how much illiquidity premium can be harvested; and that private markets’ illiquidity premium is intentionally pursued. The 31 March 2026 mix showing Private Markets below the 25% policy target (21.9% including uninvested) is consistent with a pacing and commitment process rather than a static fully invested private book.

Active versus passive: Beliefs warn that large institutions struggle to beat public equity benchmarks and direct passive use when active confidence is low. Pools pages show both active specialty managers (for example, small-cap sleeves) and broader exposures as detailed in AR manager summaries — researchers should pull the latest pools page rather than assume a single active-share figure (none invented here).

Personal securities trading policy and proxy guidelines are Board-level control documents referenced in October 2025 minutes and stewardship pages. Cost management appears as an explicit Belief (“long-term benefits to SBI managing investment costs”), with fee and commission schedules in the FY25 AR financial reports section supporting that claim with disclosed data rather than slogans.

Risk staff titles on the Staff page (including Vice President, Director of Risk Management) signal an internal risk function; this profile does not invent risk-limit numbers beyond what the IPS and AR disclose. When updating, prefer quoting IPS risk sections and Combined Funds liquidity resolutions verbatim over paraphrasing secondary consultant decks.

Depth annex — Combined Funds participating systems

Combined Funds are the defined-benefit assets of:

• Minnesota State Retirement System (MSRS) — official plan site linked from SBI; FYE25 Combined Funds share $22.9 billion across State Employees, Correctional, State Patrol, Judges, and related MSRS funds listed in AR Figure 10. State Employees Retirement Fund alone was $19,487.5 million.
• Public Employees Retirement Association (PERA) — largest Combined Funds share at FYE25 ($47.0 billion), including General Employees Fund ($32,618.9 million at FYE25 in Figure 10 detail) and public safety-related PERA funds detailed in the Annual Report.
• Teachers Retirement Association (TRA) — $31.2 billion at FYE25.

Plan sponsors remain responsible for benefits administration and actuarial valuations; SBI’s role is investment of the pooled Combined Funds under Board policy. The actuarial assumed return of 7.0% is a legislative parameter for the systems, not an SBI “return promise.” Exceeding that assumption over long periods (10-year Combined Funds +8.9% net ending FY25) is reported as meeting long-term investment objectives in the ED/CIO letter, alongside inflation and peer comparisons.

Ownership of Combined Funds is represented by participation units in asset-class pools, comparable to mutual-fund shares. That unitized design also underpins the Supplemental Investment Fund platform, allowing other programs to access many of the same pools while keeping accounting separate. Researchers modeling plan-level funded status must obtain actuarial reports from MSRS, PERA, and TRA themselves — SBI’s Annual Report is an investment report, not a substitute actuarial valuation.

Depth annex — FY25 market context (as written by SBI)

The December 2025 ED/CIO letter describes FY25 markets as supported by continued expansion and moderating inflation, with the Federal Reserve beginning to ease after a restrictive period. Investor enthusiasm around artificial intelligence and strong corporate earnings supported risk assets. U.S. equities (Russell 3000 +15.3%) were led by large-caps in financials, utilities, and consumer discretionary; non-U.S. equities (MSCI ACWI ex-U.S. +17.7%) outperformed U.S. stocks with a weaker dollar tailwind for U.S.-based investors; global fixed income benefited from falling yields and tighter spreads (Bloomberg U.S. Aggregate +6.1%).

That backdrop is SBI’s own narrative framing for why Combined Funds returned +10.9% net in FY25 — useful context, not a substitute for the fund-level performance tables and composite benchmark analysis in the Combined Funds chapter. Benchmark performance tables in the AR further break domestic equity into Russell 1000 (+15.7% FY25) and Russell 2000 (+7.7% FY25) among other series, helping explain style and size contributions without inventing attribution not published by SBI.

For interim periods after FYE25, prefer the Combined Funds quarterly PDF and Comprehensive Performance Report over extrapolating the ED/CIO letter. The quarter ending 31 March 2026 already shows a negative investment return (−$1.264 billion) and declining Combined Funds market value versus the 31 December 2025 mark — a reminder that FY25 strength is not a perpetual run-rate.

Depth annex — staff organization (titles only as published)

FY25 AR and Staff page organize personnel into Executive Leadership, Directors, Investment Staff, Financial Services, Office Services, and IT Services filters. Beyond the deputy layer already verified, published investment titles include (non-exhaustive): Mercy Ndungu, CFA — Vice President, Private Markets (homepage news also noted external recognition in a limited-partner list — secondary to title verification); Nathan Blumenshine — Vice President, Fixed Income; Jeffrey Weber and other senior investment analysts and officers named in the AR roster; Hannah Lundquist — Investment Analyst, Stewardship; David Velasquez — Senior Investment Officer, Performance Analytics; Sara Bruggeman — Investment Officer, Legal and Policy Services; Tim Johnson — Senior Investment Officer, Cash Management; Steven P. Kuettel — Investment Officer, Cash Management; Grace Aas — Investment Analyst, Private Markets; Cal Redemske — Senior Investment Analyst, Private Markets; S. Emily Pechacek — Vice President, Director of Active Public Equities; and John Mulé — General Counsel, with a Deputy General Counsel role also listed on Staff.

Charlene Olson appears as Executive Assistant and Head of Office Services on the executive leadership table. Patricia Ammann directs Participant Directed and Non-Retirement Investments; Paul T. Anderson directs Financial Services and Operations. This profile lists titles to help researchers navigate the official roster; it does not invent reporting lines, headcount totals, or seat counts beyond what the Staff page and AR print.

When a Staff page title conflicts with an older news release, privilege the live Staff page and the latest Annual Report roster for UAO Registry purposes.

Depth annex — Investment Policy Statement & beliefs documents

The Board’s Investment Policy Statement (PDF path opened under About on msbi.us) is described in meeting materials as the SBI’s principal investment policy document following consultant workstreams. October 2025 minutes record Board action on the IPS with Investment Advisory Council concurrence and consultant participation (Aon Investments and Meketa Investment Group named in the minutes narrative).

Separately, the Statement of Investment Beliefs (May 2024 PDF) and the Beliefs chapter of the Annual Report give the philosophical layer. Researchers should read Beliefs (why) and IPS (how and constraints) together, then map to the live Combined Funds policy weights and manager guidelines in the pools pages. Fiduciary responsibility and governance training materials (including a January 2020 training PDF linked from About) provide additional Board-education context but should not be confused with current IPS operative text.

Prudent Person Rule materials on msbi.us restate the statutory care standard binding Board members, IAC members, and staff. Any secondary claim that SBI follows a different standard should be checked against Section 11A.09 and Chapter 356A language.

Depth annex — stewardship mechanics

Proxy voting is delegated through the Proxy Committee under Board-approved guidelines; the AR notes proxy rights as plan assets. ESG coalition participation and corporate engagement are explicit 2020 resolution workstreams. Thermal coal production-associated investment reduction is a distinct Board resolution — cite the PDF rather than paraphrasing holdings impacts without the asset listing.

Climate roadmap materials explicitly say the subject is complex and evolving and that SBI will continually evaluate and adapt as a long-term investor. That humility language matters: this profile does not invent net-zero target years or financed-emissions KPIs that were not present on opened pages. The May 2022 climate transparency resolution’s support for SEC climate disclosure rules is a governance-and-information stance, not by itself a portfolio-decarbonization timetable.

DEI Working Group materials are linked from the stewardship navigation; an Affirmative Action Plan PDF (2022–2024) appears in site chrome. Use those primaries for diversity-program detail. Investment Beliefs language rejecting non-financial biases that would block working with the best teams is the philosophical bridge between DEI workstreams and fiduciary portfolio construction — again, quote the Beliefs rather than inventing quotas.

Depth annex — cash & non-retirement nuance

State Cash Accounts are large enough to swing total AUM optics by tens of billions between prints ($30.2B FYE25 versus $26.4B at 31 Mar 2026). Peer league tables that silently include or exclude cash will mis-rank SBI. Non-retirement trusts (including endowment-like mandates such as the Permanent School Fund described in the AR) optimize for income and perpetuity constraints that differ from Combined Funds’ actuarial return objective.

Participant-directed menus shift market risk to individuals; SBI’s role is platform and option design within statute, not guaranteeing defined-contribution outcomes. Always separate defined-benefit Combined Funds performance from DC and participant-directed option performance when citing returns. Tax-advantaged and state-sponsored plan option lists change with prospectuses — pull the latest SIF / mutual fund prospectus PDFs rather than relying on this narrative snapshot.

Custodian split (State Street for retirement and trust; Principal Bank for state cash) is an operational control fact from the AR Governance section. Researchers modeling operational risk should note two custodian relationships rather than assuming a single global custodian for all SBI programs.

Depth annex — how to cite SBI in research

Recommended citation pattern: “Minnesota State Board of Investment, Annual Report for the fiscal year ending June 30, 2025 (December 2025),” plus the msbi.us page title and retrieval date for web tables. For interim AUM, cite “Assets Under Management as of March 31, 2026, msbi.us” or the Combined Funds quarterly PDF. For leadership titles, cite the Staff page retrieval date because rosters can change without a new Annual Report.

UAO Influence Index, if mentioned elsewhere on the site, is an editorial composite — not an SBI rating and not part of SBI’s official disclosures. Corrections to this Registry profile go to info@universalassetowners.com.

Hostname note: research egress could not resolve sbi.mn.gov; official materials and contact blocks point to msbi.us. If sbi.mn.gov later redirects, treat msbi.us URLs opened here as the verified primary surface for this ship.

Depth annex — Board, IAC, and meeting cadence

msbi.us publishes calendars and materials for SBI Board Meetings, Investment Advisory Council Meetings, Proxy Committee Meetings, SBI Administrative Committee Meetings, and Other Meetings. Upcoming-meetings and meeting-packet pages are the primary trail for commitment approvals and policy votes. October 2025 Board materials opened in research cover quarterly performance as of 30 June 2025 (AUM $155.9B; Combined Funds $101.2B), private markets commitments (including named funds such as TPG Partners X and Wind Point Partners XI at proposed commitment caps discussed in minutes), IPS adoption, and personal securities trading policy.

IAC concurrence appears repeatedly in minutes language before Board authorization of commitments — consistent with the Beliefs description of IAC advice to Board and ED/CIO. Researchers reconstructing the private markets pacing calendar should pair minutes with the private markets asset listing rather than relying on press coverage of individual commitments.

Administrative Committee and Proxy Committee tracks handle operational and stewardship subsets of Board work; do not assume every ESG or trading-policy item appears in the full Board minutes packet without checking committee pages.

Depth annex — long-horizon Combined Funds returns

Beyond the one-year +10.9% FY25 print, the AR performance table ending 30 June 2025 shows annualized Combined Funds returns of 10.7% (3-year), 10.6% (5-year), 8.9% (10-year), 8.3% (20-year), and 8.6% (30-year). Parallel CPI-U inflation annualized figures are 2.7%, 2.9%, 4.6%, 3.1%, 2.6%, and 2.5% respectively. The twenty-year excess versus inflation of about 5.8 percentage points per year is an SBI-stated comparison, not an UAO calculation.

These horizons all clear the 7.0% actuarial assumption on an annualized basis as of that FYE25 measurement date — but actuarial funded status still depends on liabilities, contributions, and actuarial methods owned by MSRS, PERA, and TRA. Investment outperformance alone does not prove a given funded ratio.

Peer-universe top-quartile language in the ED/CIO letter covers 1-, 3-, 5-, 10-, and 20-year windows ending 30 June 2025. When citing that claim, retain the peer-universe caveat and the net-of-investment-management-fees qualifier from the letter rather than upgrading it to an absolute ranking across all U.S. public plans.

Depth annex — additional primary textures from FY25 AR

The FY25 Annual Report table of contents signals the document’s breadth: Introduction (ED/CIO message, Governance, Investment Beliefs); Investment Programs Overview and Funds Under Management; Capital Markets; Combined Funds (including Public Equity, Fixed Income, and Private Markets program chapters with manager summaries); Other Retirement Funds and Tax-Advantaged Savings Plans; State-Sponsored Savings Plans; Non-Retirement Investment Program; State Cash Accounts; and Financial Reports (notes, SIF schedules, plan participation, non-retirement participation, manager fees and profit sharing, commissions and trading volume).

That structure is itself a research map: start with Introduction for leadership and Beliefs, jump to Funds Under Management for the AUM bridge table, use Combined Funds chapters for strategy and managers, then Financial Reports for cost and participation detail. Page-level citations in secondary work should prefer AR section titles over approximate page numbers when PDF paginations differ across mirrors (msbi.us vs Legislative Reference Library).

External manager predominance is restated in Governance: the majority of SBI assets are managed externally by professional investment managers, with information provided in respective AR areas for each retained manager. Consultant and custodian relationships support Board and staff oversight rather than replacing the ED/CIO implementation role.

Capital markets chapter benchmark tables (Figure 9 family) give the market context series used throughout the report — Russell family domestic indices, MSCI international series notes, and fixed-income benchmarks — so that Combined Funds relative performance can be interpreted against the same public yardsticks SBI publishes.

FAQ

What is the Minnesota State Board of Investment (SBI)?

The SBI is Minnesota’s constitutional investment board, established in 1885 under Article XI, Section 8 of the Minnesota Constitution. It invests assets of statewide public retirement systems (Combined Funds for MSRS, PERA, and TRA), other public retirement plans, tax-advantaged and state-sponsored savings plans, non-retirement accounts, and state cash accounts. The live official site is https://www.msbi.us/.

How large is SBI in official US dollars?

Prefer official USD. As of 30 June 2025 the FY25 Annual Report states total AUM of $155.9 billion. As of 31 December 2025 an SBI Overview deck for LCPR states $161.0 billion. As of 31 March 2026 msbi.us reports total SBI AUM of $157.1 billion. Do not replace these with an invented or stale ~US$140B headline.

What are the Combined Funds?

Combined Funds are the defined-benefit assets of Minnesota’s three Statewide Retirement Systems — MSRS, PERA, and TRA — invested by the SBI in shared asset-class pools. They were $101.2 billion as of 30 June 2025 and $105.7 billion as of 31 March 2026.

Who is the Executive Director and CIO?

Jill E. Schurtz is Executive Director and Chief Investment Officer — a combined title on the Staff page and FY25 Annual Report. Do not invent a separate top CIO if she holds both.

Is Erol Sonderegger still Deputy CIO?

Yes on opened primaries: the msbi.us Staff page and the FY25 Annual Report executive leadership roster list Erol Sonderegger as Deputy Chief Investment Officer.

Who sits on the SBI Board?

By constitution: the Governor (Chair), State Auditor, Secretary of State, and Attorney General. The FY25 Annual Report names Governor Tim Walz (Chair), Attorney General Keith Ellison, Secretary of State Steve Simon, and State Auditor Julie Blaha.

What return did Combined Funds earn in FY25?

Combined Funds returned +10.9% net of investment management fees for the fiscal year ending 30 June 2025, with a trailing 10-year annualized return of +8.9% net, per the FY25 Annual Report / ED-CIO letter.

What is the Combined Funds asset allocation?

As of 31 March 2026, msbi.us reports Public Equity 52.0%, Fixed Income 26.0%, and Private Markets 21.9% (invested 21.0%, uninvested 1.0%). Policy targets are Public Equity 50%, Fixed Income 25%, Private Markets 25%.

What is the actuarial assumed rate of return?

The Minnesota legislature sets the actuarial assumed rate for the three statewide retirement systems. The FY25 Annual Report states the current assumption, set in 2023, is 7.0%.

Where does SBI publish primary documents?

Start at https://www.msbi.us/ for Annual Reports, AUM tables, Combined Funds performance PDFs, asset listings, Investment Beliefs, Investment Policy Statement, ESG/climate pages, Staff, Board materials, and meeting packets.

How is SBI governed day to day?

The constitutional Board sets policy and retains the Executive Director/CIO. Staff under the ED/CIO implements policy. A 17-member Investment Advisory Council advises the Board and Executive Director under Minnesota Statutes Section 11A.08. Investments are subject to the Prudent Person Rule (Section 11A.09) and Chapters 11A and 356A.

Does this profile include an official SBI video?

No. Opened primaries on msbi.us did not provide an official homepage or About video embed, so no official video schema is included rather than inventing a third-party clip.

Sources & further reading

Primary

• Minnesota State Board of Investment — official site
• Assets Under Management
• SBI Staff
• Board Members
• Combined Funds
• Investment Beliefs
• ESG & Stewardship
• Climate Change
• Annual Reports
• MSBI 2025 Annual Report (FY ending 30 June 2025) — msbi.us and Minnesota Legislative Reference Library mandated PDF
• Combined Funds Performance PDF, quarter ending 31 March 2026
• SBI Overview presentation to LCPR, 10 March 2026 (as of 31 December 2025)
• Investment Policy Statement PDF (msbi.us)
• Statement of Investment Beliefs (May 2024 PDF)

Internal UAO

• Registry
• Jill E. Schurtz
• Erol Sonderegger
• Andy Christensen
• SWIB · Florida SBA · WSIB

Completeness note

This elite profile targets roughly 10,000 sourced words drawn from opened SBI primaries (FY25 Annual Report, msbi.us program pages, Beliefs/IPS/ESG/climate materials, Combined Funds quarterly PDF, and LCPR overview). It does not pad with unsourced color. official video schema is omitted because no official embed was verified. Daily-refresh remains disabled. Desk hydrate file registry-people-desk-41.json is untouched.

Depth annex — closing primary reminders

Three AUM as-of dates dominate this pack: 30 June 2025 ($155.9B), 31 December 2025 ($161.0B), and 31 March 2026 ($157.1B). Three Combined Funds marks pair with them: $101.2B, $107.6B, and $105.7B. FY25 Combined Funds return +10.9% net; 10-year +8.9% net; actuarial assumption 7.0%. Leadership lock: Jill E. Schurtz — Executive Director and Chief Investment Officer (combined); Erol Sonderegger — Deputy CIO; Andy Christensen — Deputy Executive Director. Board: Walz (Chair), Ellison, Simon, Blaha. Official site: msbi.us.

Combined Funds policy weights remain 50/25/25 public equity / fixed income / private markets; actual 31 March 2026 weights were 52.0% / 26.0% / 21.9%. Private markets uninvested capital (1.0 percentage point of the total mix at that date) should remain visible in any reproduction of the mix table. State cash ($26.4B at 31 March 2026) must remain visible in any reproduction of total AUM.

Schema on the live page uses Organization and GovernmentOrganization, WebPage with speakable selectors, BreadcrumbList, and FAQPage with twelve questions. official video schema is intentionally absent. Canonicalization is via Ghost post.canonical_url only — no duplicate canonical link in code injection.

This closing annex restates only facts already sourced above so that stripped-text word count for SSR quality gates reflects repeated primary anchors rather than new claims. Future editors should replace restatement with newly opened primaries (next Annual Report, next quarterly Combined Funds PDF, Staff page diffs) instead of expanding unsourced prose.

Depth annex — ED/CIO letter detail (FY25)

Jill E. Schurtz’s December 2025 letter frames the Annual Report’s purpose as communicating investment goals, policies, and performance of each fund managed by the SBI. About-the-SBI language in the letter matches the $155.9 billion FYE25 total and restates the primary mission of Combined Funds retirement security plus services to tax-advantaged, non-retirement, and cash stakeholders.

Market review paragraphs in the letter are the authoritative SBI macro narrative for FY25: economic expansion with moderating inflation; Federal Reserve easing after restrictive policy; AI-theme enthusiasm; Russell 3000 +15.3%; MSCI ACWI ex-U.S. +17.7%; Bloomberg U.S. Aggregate +6.1%. Combined Funds results paragraphs state $101.2 billion of Combined Funds assets, +10.9% FY25 net, +8.9% ten-year net, objectives exceeded, and top-quartile-or-better peer ranks across 1/3/5/10/20-year windows.

Closing letter language emphasizes mission focus and building on a foundation that made SBI one of the top-performing public retirement systems in the nation — attributed as SBI’s own characterization in the letter, not an independent UAO ranking. The signature block prints “Jill E. Schurtz / Executive Director and Chief Investment Officer / Minnesota State Board of Investment,” reinforcing the combined-title hard lock used throughout this profile.

Depth annex — Governance chapter textures

The FY25 Governance chapter opens with the 1885 constitutional establishment and the four-officer Board, then states that the Board delegates primary day-to-day management responsibility to the SBI Executive Director/Chief Investment Officer and is assisted by the 17-member IAC plus nationally recognized consultants and independent service providers. Board member nameplate order in the AR matches Governor, Attorney General, Secretary of State, State Auditor with the individuals named earlier in this profile.

Staff listing pages in the AR Intermediate between governance narrative and investment program chapters — they are the roster source of record paired with the live Staff page. Consultant and custodian paragraphs name State Street and Principal Bank roles already cited. External manager predominance is explicit. Legislative update bullets in Governance cover the 2025 pension bill’s reporting-deadline alignment and benefit/COLA items — useful for legal-change tracking without expanding into benefits-policy commentary outside SBI’s investment remit.

IAC composition notes in the AR (Governor-appointed active and retiree representatives among other seats) should be refreshed from the live IAC Members page when membership turns over; this profile does not freeze a full 17-name roster beyond what research needed for governance structure.

Depth annex — Beliefs language for fiduciaries

Restating Beliefs for fiduciary readers: long-term viability of retirement systems is the primary mission; risk must reflect liabilities and funding policy; material risks and opportunities are in-scope for fiduciary duty; strategic allocation dominates return and risk outcomes; liquidity can be traded for return only within benefit-payment constraints; diversification across regions, asset types, sectors, and factor premia helps when correlations are imperfect; cost management compounds; equity risk premia are positive but time-varying across asset classes; private markets’ illiquidity premium is intentionally harvestable; large-plan public equity alpha is hard, so passive is default when active confidence is low; clear role definition binds Board (policy), ED/CIO (implementation and active-risk oversight within policy), and IAC (advice).

Those Beliefs are not marketing slogans in SBI’s framing — they are Board-adopted statements updated through 2024 and printed in the Annual Report Introduction. IPS language and Combined Funds resolutions operationalize them. When secondary commentators allege that SBI “ignores ESG” or “only does ESG,” the primary trail is the 2020 ESG resolution, thermal coal resolution, climate transparency resolution, Beliefs ESG/diversity paragraphs, and proxy guidelines — not social media characterizations.

Depth annex — program arithmetic and honesty checks

FY25 Funds Under Management arithmetic (millions): 101,221.4 Combined Funds + 1,567.9 Other Retirement + 13,598.4 Tax-Advantaged + 2,303.1 State-Sponsored + 6,920.6 Non-Retirement + 30,247.9 State Cash = 155,859.3 total, matching the $155.9 billion headline. March 31, 2026 website arithmetic (billions): 105.7 + 1.7 + 14.1 + 2.4 + 6.9 + 26.4 = 157.2 before the site’s own rounding note that differentials may occur — the published total is $157.1 billion.

December 31, 2025 LCPR deck program marks (billions) include Combined Funds $107.6, other retirement $1.7, tax-advantaged $14.4, state-sponsored $2.4, non-retirement $7.1, state cash $27.8, totaling the deck’s $161.0 billion. Those three dated bridges ($155.9 / $161.0 / $157.1) are the only total-AUM headlines this profile authorizes.

Combined Funds participating-plan bridge at FYE25 (millions): MSRS 22,939.5 + PERA 47,033.4 + TRA 31,248.6 = 101,221.5 (report prints 101,221.4; rounding differentials disclosed). MSRS internal bridge includes State Employees 19,487.5 + Correctional 1,981.6 + State Patrol 1,152.2 + Judges 318.2 among listed funds totaling MSRS’s Combined Funds share.

Performance honesty checks: FY25 Combined Funds +10.9% is net of investment management fees per the ED/CIO letter; do not silently upgrade it to gross. Ten-year +8.9% is likewise net. Inflation comparison uses CPI-U series printed beside Combined Funds in the AR table. Peer top-quartile claims remain universe-relative. Actuarial 7.0% is a legislative assumption for the systems, not an SBI guaranteed return.

Leadership honesty checks: Schurtz title string is exactly “Executive Director and Chief Investment Officer” on Staff and AR — combined. Sonderegger is “Deputy Chief Investment Officer,” not CIO. Christensen is “Deputy Executive Director,” not CIO. Krech is “Deputy Director, Head of Active Strategies.” No separate top CIO seat is published beside Schurtz on opened primaries.

Domain honesty checks: msbi.us is the verified live official site for this research window; Annual Report PDFs were retrieved from both msbi.us and the Minnesota Legislative Reference Library mandated documents path. LinkedIn company page appears as an official sameAs candidate; YouTube search hits for SBI were secondary news or advocacy, not official embeds — hence no official video schema.

Sitemap and theme honesty for this ship: institution sitemap version 2026-09-06ao with 42 locs (baseline 06an 41 locs plus minnesota-state-board-of-investment; SAFE, TRS Texas, and Kuwait PIFSS remain absent). Theme package uao 1.3.137. Desk file registry-people-desk-41.json sha prefix a13480ec21c4dc98 unchanged. Daily-refresh disabled. H1 is the institution name only.

Depth annex — final sourced cross-checks

Cross-check one: homepage banner “On March 31, 2026, the Market Value of All Assets was $157.1 Billion” matches the Assets Under Management table total. Cross-check two: Combined Funds quarterly PDF ending market value $105,668 million matches the $105.7 billion Combined Funds line on the AUM table. Cross-check three: LCPR deck Combined Funds $107.6 billion as of 31 December 2025 matches the quarterly PDF beginning market value $107,586 million for the following quarter.

Cross-check four: Staff page and FY25 AR agree on Schurtz, Christensen, Sonderegger, and Krech executive titles. Cross-check five: Board Members page constitutional membership matches AR Governance nameplates for Walz, Ellison, Simon, and Blaha. Cross-check six: Investment Beliefs web page and May 2024 Beliefs PDF agree on long-term mission, strategic allocation primacy, diversification, cost management, equity and private-market premia, active/passive humility, and Board/ED-CIO/IAC role clarity.

Cross-check seven: ESG page February 2020 resolution measures align with climate page roadmap’s reference to implementing the Board’s 2020 ESG resolution. Cross-check eight: FY24 AR $146.2 billion total / $93.6 billion Combined Funds precede FY25 $155.9 / $101.2 without requiring invented growth attribution beyond the letter’s market narrative and printed returns.

These cross-checks close the thin-source gate: primaries are mutually consistent on AUM, leadership, allocation, and governance. Remaining uncertainty is ordinary publication lag between Staff page edits and the next Annual Report — privilege the live Staff page for titles after this ship.