Montana Board of Investments, Helena, committed $55 million total to two private equity buyout funds, said materials prepared for Tuesday's board meeting.
Investment staff committed $35 million to Tenex Capital Partners II, managed by Tenex Capital Management, and $20 million to DFW Capital Partners V.
The board, which oversees more than $14 billion in assets, including $9.6 billion in pension fund assets, had an 11.7% allocation to private equity as of Feb. 29.
The board previously committed $20 million to Tenex Capital Partners SG in 2012.
David Ewer, executive director, could not immediately be reached for additional information.