Montana Board Allocates $290M to PE, PC Funds

The Montana Board of Investments made recent commitments totalling $290M across five private equity and private credit funds, according to materials related to the pension’s upcoming board meeting on November 20.

The pension’s board allocated approximately $140M in PE commitments to three middle-market buyout vehicles: ₤40M (~$50M) to Rubicon Partners Fund IV; $50M to GoldenTree Tactical Opportunities Fund; and $40M to Renovus Capital Partners IV. Additionally, private credit funds Stellus Credit Fund IV and Deerpath Evergreen Advantage secured from the pension $50M and $100M in commitments, respectively. 

Data from the Montana Board of Investments showed that its private investments portfolio is tracking its benchmarks over the one-year period, “slightly improving” from last quarter’s performance while outperforming its 10-year benchmark. Buyout funds accounted for more than half, or 64.31%, of the portfolio, followed by private credit with 24.96% and venture capital with 10.73%.