Montana Board of Investments, Helena, committed $70 million total to three alternatives funds, said David Ewer, executive director, in an email.
The board committed $25 million each to buyout fund Veritas Capital Fund VI and ORM Timber Fund IV, managed by Olympic Resource Management.
The board also committed $20 million to DRA Growth & Income Fund IX, a value-added real estate fund managed by DRA Advisors.
The board oversees roughly $10 billion in pension fund assets. The pension funds had an 11.1% aggregate allocation to private equity and 8% allocation to real estate as of Dec. 31.