Montana Board of Investments, Helena, disclosed a total of $360 million in new alternative fund commitments in materials for its May 24-25 meeting.
Within its private investments asset class, the board, which manages a total of $24.9 billion, including $13.7 billion in assets for nine state pension funds, committed $60 million to Axiom Asia Fund VII, a private equity fund of funds managed by Axiom Asia Private Capital; and $50 million in aggregate to venture capital and growth equity funds of funds Accolade Partners IX and Accolade Partners Venture I; $50 million in aggregate to venture capital funds Foundation Capital XI and Foundation Capital Leadership Fund IV; and $50 million to direct lending fund OCP Asia Fund V (US).
As of March 31, the consolidated asset pension pool's actual allocation to private investments was 17%.
Within real estate, the board committed $50 million each to DRA Growth & Income Fund XI, a value-added real estate fund managed by DRA Advisors, and Stockbridge Value Add Fund V, a diversified U.S. real estate fund managed by Stockbridge Capital Group.
As of March 31, the actual allocation to real estate was 12%.
Within real assets, the board committed $50 million to energy fund Kimmeridge Fund VI.
As of March 31, the actual allocation to real assets was 6%.