- AUM: $11.2 bln
- PE Allocation: 12.1 pct
- PE Target Range: 13 to 14 pct
- Contact: Dan Villa, executive director, firstname.lastname@example.org; main number: +1 406-444-0001
Montana Board of Investment at its April meeting made a commitment to a Silicon Valley-based Foundation Capital’s ninth fund.
Montana pledged $20 million to Foundation’s Fund IX, which focuses on technology markets, a person familiar with the deal told Buyouts. The fund is targeting $350 million, according to an SEC filing.
Foundation closed Fund VIII on $325 million in 2015.
Michael Nguyen, an investment officer for Montana, said the system has ramped up commitment activity in the past year. Montana made $365 million in commitments in 2018, a noticeable increase from the $200 million-range from the previous five years, meeting documents show.
In October, Nguyen said the board has a “soft target” of $350 million for its annual PE pacing plan, but that it “could go to $450 million or more given the opportunity set,” Buyouts previously reported.
Montana’s current private equity allocation is 12.1 percent of the system’s total consolidated asset pension pool, with a target allocation range of 13 to 14 percent, according to board documents.
The $11.2 billion fund sold off a piece of its private equity portfolio in October in a secondary sale.
Montana sold its stake in 10 funds-of-funds that were managed by Adams Street Partners, including its $23 million share of GI Partners’ fourth fund, totaling $70 million, Buyouts previously reported.