Montana Board of Investments, Helena, committed a total of $130 million to five new alternatives funds, according to documents prepared for the Nov. 19 board meeting.
The board, which oversees $8.9 billion in pension assets, committed $25 million each to Pine Brook Capital Partners II, a private equity fund managed by Pine Brook Partners that aims to invest growth capital in energy and financial services companies, and HCI Equity Partners IV, a buyout fund. This is the board's first commitment to a Pine Brook fund; it invested in HCI's previous fund.
The board also committed $30 million to Molpus Woodlands Fund IV, a timberland fund managed by Molpus Woodlands Group; and $25 million each to value-added real estate funds DRA Growth and Income Fund VIII and BPG Investment Partnership IX, managed by DRA Advisors and Equus Capital Partners, respectively. The board invested in the predecessor Molpus fund and the two previous DRA funds.
It also committed an additional $5 million to White Deer Energy II, a buyout fund focusing on the energy sector managed by White Deer Management. The board committed $20 million to the fund earlier this year.