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Minnesota / Investment Board

Agency file

Investment Board

Source file: Minnesota — State Employee Payroll / ingested Jun 18, 2026

The Investment Board is a government agency that delivers public services and programs within its jurisdiction.

In 2025, this agency had 60 employees with median total compensation of $125,287; the highest distinct record was $530,631.

Year
2025
Total payroll
$8.4M
Employees
60
Median total
$125,287
Highest record
$530,631

What the records show

Compensation analytics

These summaries compare pay within the agency before listing individual records.

Salary distribution

How 2025 total compensation is spread across the 60 employees. Each bar is a pay range; taller bars mean more people earn in that range. The amber line marks the median ($125,287) — half earn less, half more. The far-right bar collects the highest earners.

Average pay composition

  • Base — $137,348 (99%)
  • Overtime — $2 (0%)
  • Other — $2,046 (1%)
  • Benefits — $0 (0%)

What an average paycheck here is made of — base salary versus overtime, other pay (bonuses, allowances), and benefits. A large overtime or other-pay share means take-home often exceeds base salary.

Pay percentiles

10th
25th
Median
75th
90th
$4,590
$61,612
$125,287
$213,717
$268,353

The pay ladder for this department. Someone at the 90th percentile earns $268,353 — more than 90% of the department; the 10th percentile earns $4,590. The shaded band is the middle half of employees (25th–75th percentile).

Largest job titles

Student Worker Paraprofessional Professional Senior
12 · $3,158
Investment Analyst Junior
11 · $85,517
Investment Officer
9 · $182,791
Portfolio Manager
6 · $228,607
Investment Analyst Senior
4 · $139,716

The most common job titles in this department by headcount, with the median total compensation for each. Click a title to see everyone who holds it.

Trend

Year over year

How this department's total payroll, headcount, and median pay changed across the 2 published years.

YearTotal payrollEmployeesMedian pay
2024
$6.4M
—
44
—
$149,849
—
2025
$8.4M
▲ 29.8%
60
▲ 36.4%
$125,287
▼ 16.4%

Record list

Employees

Page 1

Mercy Ndungu

Portfolio Manager/Investment Board

2025 total comp
$234,114
Sub-department
Private Markets
Base pay
$228,607
Overtime
$0
Other pay
$5,508
Benefits
$0
Total compensation
$234,114
Hire date
2015-02-02
Employment type
Full-Time
Pay grade
15
Union / bargaining unit
Manager
Pay basis
Hourly
Full-time equivalent (FTE)
1
Work county
Ramsey

Source-specific fields

Active on June 30, 2025
Yes
Agency Number
G38
Bargaining Unit Number
220
Branch
Executive
Branch Code
Executive
Classified Code
Unclassified
Classified Status
Unclassified
Compensation Frequency Code
Hourly

Mercy Ndungu is a Portfolio Manager at Investment Board within Private Markets. Their tenure dates to 2015, about 10 years, working full-time. 2025 total compensation came to $234,114. Union affiliation: Manager.

Nathan Blumenshine

Portfolio Manager/Investment Board

2025 total comp
$228,607
Sub-department
Executive
Base pay
$228,607
Overtime
$0
Other pay
$0
Benefits
$0
Total compensation
$228,607
Hire date
2014-12-01
Employment type
Full-Time
Pay grade
15
Union / bargaining unit
Manager
Pay basis
Hourly
Full-time equivalent (FTE)
1
Work county
Ramsey

Source-specific fields

Active on June 30, 2025
Yes
Agency Number
G38
Bargaining Unit Number
220
Branch
Executive
Branch Code
Executive
Classified Code
Unclassified
Classified Status
Unclassified
Compensation Frequency Code
Hourly

At Investment Board, Nathan Blumenshine serves as a Portfolio Manager within Executive. They have served since 2014 (about 11 years), working full-time. Their 2025 pay totaled $228,607. Their bargaining unit is Manager.

Aaron Griga

Portfolio Manager/Investment Board

2025 total comp
$228,607
Sub-department
Public Markets
Base pay
$228,607
Overtime
$0
Other pay
$0
Benefits
$0
Total compensation
$228,607
Hire date
2011-04-04
Employment type
Full-Time
Pay grade
15
Union / bargaining unit
Manager
Pay basis
Hourly
Full-time equivalent (FTE)
1
Work county
Ramsey

Source-specific fields

Active on June 30, 2025
Yes
Agency Number
G38
Bargaining Unit Number
220
Branch
Executive
Branch Code
Executive
Classified Code
Unclassified
Classified Status
Unclassified
Compensation Frequency Code
Hourly

Aaron Griga works as a Portfolio Manager for Investment Board within Public Markets. Hired in 2011, they have about 14 years of service as a full-time employee. Aaron earned $228,607 in 2025. Union affiliation: Manager.

Daniel Covich

Portfolio Manager/Investment Board

2025 total comp
$228,607
Sub-department
Public Markets
Base pay
$228,607
Overtime
$0
Other pay
$0
Benefits
$0
Total compensation
$228,607
Hire date
2021-04-05
Employment type
Full-Time
Pay grade
15
Union / bargaining unit
Manager
Pay basis
Hourly
Full-time equivalent (FTE)
1
Work county
Ramsey

Source-specific fields

Active on June 30, 2025
Yes
Agency Number
G38
Bargaining Unit Number
220
Branch
Executive
Branch Code
Executive
Classified Code
Unclassified
Classified Status
Unclassified
Compensation Frequency Code
Hourly

At Investment Board, Daniel Covich serves as a Portfolio Manager within Public Markets. They have served since 2021 (about 4 years), working full-time. Their 2025 pay totaled $228,607. They are represented by Manager.

Jeffrey Weber

Portfolio Manager/Investment Board

2025 total comp
$221,834
Sub-department
Private Markets
Base pay
$216,613
Overtime
$0
Other pay
$5,220
Benefits
$0
Total compensation
$221,834
Hire date
2012-04-30
Employment type
Full-Time
Pay grade
15
Union / bargaining unit
Manager
Pay basis
Hourly
Full-time equivalent (FTE)
1
Work county
Ramsey

Source-specific fields

Active on June 30, 2025
Yes
Agency Number
G38
Bargaining Unit Number
220
Branch
Executive
Branch Code
Executive
Classified Code
Unclassified
Classified Status
Unclassified
Compensation Frequency Code
Hourly

At Investment Board, Jeffrey Weber serves as a Portfolio Manager within Private Markets. Hired in 2012, they have about 13 years of service, working full-time. Their 2025 pay totaled $221,834. Union affiliation: Manager.