Montana Board of Investments, Helena, committed $15 million to Northgate Venture Partners VI, a venture capital fund managed by Northgate Capital, according to documents prepared for the board's May 22 meeting.
The board, which oversees a total of $7.9 billion in retirement assets from nine separate pension funds, had committed $30 million to Northgate Venture Partners V.
Also, the board terminated Western Asset Management, which ran $60 million in domestic large-cap enhanced index equity portfolio. It was terminated because “staff sought to eliminate the embedded fixed-income beta risk that this portfolio carried as part of the domestic equity pool,” according to a memo to the board from Rande Muffick, portfolio manager, public equities.
The board will discuss restructuring its domestic equity allocations at the board meeting May 22.