Montana Board of Investments, Helena, committed $40 million each to Adams Street Partners V and Adams Street Partnership Fund Program 2002, said James R. Penner, chief investment officer. Adams Street V is a venture fund that makes direct investments; the Partnership Fund is a fund of funds that invests in private equity partnerships.
The commitments bring the $5.7 billion pension plans private equity allocation to 3.5% of total assets, still 1.5 percentage points shy of the 5% target it plans to reach by next June, Mr. Penner said. Funding will come from the internally managed domestic fixed-income portfolio, which has around 34% of total assets. The system also is planning to conduct its tri-annual asset allocation review by June to develop a new three-year investment plan, he said.