The Montana Board of Investments, Helena, committed $95 million to private equity and real estate, according to recently released minutes from its May 13-14 meeting. The board committed $25 million each to private equity funds Madison Dearborn Capital VI and Performance Venture Capital II, and $10 million to Portfolio Advisors Private Equity Fund V. Madison Dearborn is a buyout fund, while the others are venture capital funds of funds. Real estate commitments were $15 million to opportunistic fund O’Connor North American Properties Fund II and $10 million each in value-added co-investments with AREFIN and Hudson Realty Capital Fund IV.
Private equity accounts for 9.5%, or $735 million, of the $7.7 billion fund. The private equity allocation was increased to 9.5% from 8.5% earlier this year in part due to strong private equity returns and public equity losses, according to meeting documents. Real estate investments total $305 million, or about 4% of total assets.
