The $6 billion
A pair of pledges went to non-control distressed debt funds: $12.5 million to
The board, which invests state and local government funds, also committed $7.5 million to
Montana has a target allocation to private equity of 12 percent, with an allocation range of 9 percent to 15 percent. As of March 31, the limited partner’s actual private equity allocation stood at 13 percent. Buyout funds comprise roughly one-third of the private equity portfolio, with the remainder divvied up among the venture capital, secondary, funds of funds, mezzanine/distressed and special situations categories. Geographically, the portfolio is mostly U.S.-based, with about 10 percent dedicated to Europe and 1 percent to Asia.
This spring the LP pledged $15 million to mega-fund
In May, Montana promoted Jon Shoen to alternative investment portfolio manager. This position is responsible for all activities related to the management of the private equity and real estate portfolios. His duties include overseeing the search for and review of private equity managers. When asked roughly how much Montana might commit to private equity over the next 12 months, Shoen said it’s uncertain at this point, but that he should know the amount by the end of the year.