Montana board invests $45m in real estate
The $10 billion Montana Board of Investments has committed $45 million to real estate, according to materials prepared for next week's board meeting.
The pension fund committed $20 million to value-added fund Velocis Fund II, managed by Velocis, in May 2016. The fund closed in July with $600 million in equity commitments, exceeding its $400 million target. The second investment was $25 million committed to opportunistic fund GEM Realty Fund VI, managed by GEM Realty Capital, in June 2016.
According to Montana Board of Investments’ first quarter 2016 real estate board report, its real estate portfolio’s total exposure to value-added investments totaled 40.10 percent, followed by core (34.13 percent), opportunistic (16.11 percent) and timberland (9.66 percent). A majority of the investments are office assets, totaling 36.3 percent of the portfoli