Institution: Montana Board of Investments
Headquarters: Helena, US
AUM: $23.8 billion
Allocation to Private Investments: 17.34%
Montana Board of Investments has confirmed a $50 million commitment to Marcus Partners Fund IV and an $80 million commitment to AEW Cold Storage Properties Fund, according to its August board meeting materials.
Marcus Partners is a Boston-headquartered asset management firm that targets value-add investments in commercial, healthcare and mixed-use properties across the US. It launched its fourth fund in January 2022 and held a first close in March 2022 on $336.3 million.
Established in 1981, AEW has created and executing real estate investment strategies on behalf of some of the world’s foremost institutional investors. It launched the fund in 2021 and held a first close in July 2021 at $690.1 million.
Montana Board of Investments has an allocation of 12.7% to real estate, which includes private and public real estate. It will focus on existing, high conviction managers and reducing open-end core real estate exposure.
As illustrated below, MBOI’s recent private real estate commitments have been centred on North American value-add vehicles.
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