The Montana Board of Investments (MBOI) has committed $100 million to real estate funds overseen by DRA Advisors and Marcus Partners.
The DRA Growth and Income Fund XII received $50 million for its closed-end, value-added strategy investing in a diversified portfolio of office, industrial, multifamily and retail properties in the United States. Having launched in first quarter 2026, the fund has a fundraising target of approximately $2.25 billion. DRA Growth and Income Fund XI, its predecessor, closed with nearly $2.3 billion in equity.
Marcus Capital Partners Fund V also received $50 million and invests in industrial, multifamily and other select property types on the East Coast of the United States, from Boston to Atlanta. In March 2026, the value-added fund closed with commitments totaling $875 million, exceeding its initial $750 million fundraising target a
