State Board of Investment required to develop goals and investment manager policy, waivers and seed-stage commitments authorized, and reports required.

This bill requires Minnesota's State Board of Investment to create specific policies and goals for investing in emerging, diverse, start-up, and franchise investment managers. It defines these categories, such as diverse managers being majority-owned by women or racial minorities, and sets standards for smaller, newer firms to qualify for state investment. The legislation also mandates that the board establish a compensation plan for its staff and report annually on the costs and performance of any private firms it hires. Additionally, the bill authorizes the board to make seed-stage commitments to early-stage funds and requires the sale of escheated property to the highest bidder. These changes aim to diversify the state's investment portfolio while maintaining oversight and accountability through new reporting requirements.