Montana Board of Investments, Helena, made a total of $40 million in alternatives commitments, said materials prepared for this week's board meeting.
The investment staff approved a $20 million commitment to NB Strategic Co-Investment Partners III, a buyout fund managed by Neuberger Berman Group.
Investment staff previously committed $20 million to predecessor fund NB Strategic Co-Investment Partners II and $35 million to NB Co-Investment Partners.
Also, investment staff approved a $20 million commitment to Equus Investment Partnership X, a value-added real estate fund managed by Equus Capital Partners. Montana has previously committed to Equus Capital Partners.
The board oversees nine pension funds with about $10 billion in assets combined.
As of June 30, the pension funds had 10.7% allocated to private equity and 8.8% to real estate.