Montana Board of Investments, Helena, approved a total of $60 million in alternatives commitments, said materials prepared for this week's board meeting.
The investment staff approved a $20 million commitment to ArcLight Energy Partners VI, an energy infrastructure fund that targets North American midstream and power assets and is managed by ArcLight Capital Partners.
Additionally, the investment staff committed $20 million each to AG Realty Fund IX and AG Core Plus Realty Fund IV, real estate funds managed by Angelo Gordon & Co.
As of March 31, the pension fund had a 10.4% allocation to private equity and 8.7% to real estate.
Separately, three international large-cap equity managers were terminated due to performance, said David Ewer, executive director.
Hansberger Growth Investors and Martin Currie Investment Management were terminated from international large-cap growth equity strategies, and AllianceBernstein was terminated from an international large-cap value equity strategy. All three managers had been on watch for performance.
As of March 31, the board had about $123 million and $112 million invested with Hansberger and Martin Currie, respectively. AllianceBernstein's allocation size could not immediately be learned.
A Martin Currie spokeswoman declined to comment. AllianceBernstein and Hansberger spokesmen were not available to comment by press time.
Funds are expected to be reallocated to three new international large-cap equity managers whose names will be released at this week's board meeting, Mr. Ewer said.
As of March 31, the pension fund had a 16.5% allocation to international equity.
Finally, Aberdeen Asset Management was added to the watchlist for performance on a core-plus fixed-income strategy. Aberdeen managed about $109 million in the strategy for the board as of March 31.
An Aberdeen spokeswoman declined to comment.
As of March 31, the pension fund had a 22.6% allocation to domestic fixed income.
The board oversees nine pension funds with about $10 billion in assets combined.
