The fund invests as a limited partner in a diversified portfolio of venture capital, buy-out, and other private equity funds. The fund will be composed of approximately two-thirds early stage venture capital funds and one-third middle-market buy-out funds, according to a press release.
Minnesota Life Insurance Co., of which Advantus is a subsidiary, has committed to eight private equity investment partnerships that will be transferred into the fund.
Minnesota Life also committed a minimum of $50 million as a limited partner in the fund, making it the insurer’s primary investment vehicle for venture capital and buy-out fund investments.
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