Montana Board of Investments, Helena, made a total of $95 million in alternatives commitments, said materials prepared for the Aug. 19-20 board meeting.
The investment staff committed $75 million total to four private equity funds:
- $20 million to Kinderhook Capital Fund IV, a buyout fund managed by Kinderhook Industries;
- $20 million to Guardian Capital Partners II, a buyout fund;
- $20 million to Veritas Capital Fund V, a buyout fund managed by Veritas Capital Management; and
- $15 million to the Catalyst Fund IV, a distressed debt fund managed by Catalyst Capital Group.
On the real estate side, the investment staff approved a $20 million commitment to Harbert U.S. Real Estate Fund V, a value-added real estate fund managed by Harbert Management that focuses on multifamily and office properties.
Separately, Martin Currie Investment Management was added to the watchlist for performance and an ownership change. Legg Mason's acquisition of the firm is expected to close in the fourth quarter. Martin Currie manages a $120.8 million international large-cap growth equity strategy for the board. Martin Currie spokeswoman Amy Fisher could not be reached for a comment by press time.
Reams Asset Management was also added to the watchlist for performance. Reams manages a $235 million core-plus fixed-income strategy. Kristin Kovach, a spokeswoman for Reams, declined to comment.
The board oversees nine pension funds with a total of $9.8 billion in assets. As of June 30, the pension funds' asset allocation was 39.2% domestic equities, 21.7% fixed income, 17.8% international equities, 10.5% private equity, 8.7% real estate and 2.1% cash.
David Ewer, executive director, could not be reached by press time.
