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November 09, 2017 12:00 AM

Montana Board of Investments earmarks $105 million for 3 funds

Meaghan Offerman
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    Montana Board of Investments, Helena, committed $105 million total to three alternatives funds, said recently released board meeting minutes.

    The board committed $40 million each to Vida Insurance Credit Opportunity Fund II, a special situations fund managed by Vida Capital focused on longevity-based investments, and American Realty Advisors' American Core Realty Fund.

    Additionally, the board committed $25 million to energy private equity fund Kimmeridge Energy Exploration Fund IV.

    Separately, the board terminated Analytic Investors from a $179 million 130/30 long/short equity strategy because of performance concerns.

    "The portfolio has lagged since inception, although it did well for a while ... A quantitative manager, Analytic did well until the great Financial Crisis, then had a difficult time when markets went down, and then also on the way back up, " according to the minutes. "They had outperformed over the last three to four years but have had a bad few quarters."

    Investment staff is looking for alternative 130/30 long/short equity managers, although nothing has been decided, the minutes said. Further information could not immediately be learned.

    An Analytic Investors spokesman declined to comment.

    The board oversees roughly $11 billion in pension fund assets. As of Sept. 30, the pension funds had an aggregate 10.4% allocation to private equity, 7.8% allocation to real estate and 35.2% allocation to domestic equity.

    Board officials could not immediately be reached for additional information.

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