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NOVEMBER 26, 2013

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Montana Board invests $55m in value-added

by Andrea Waitrovich

The $8.9 billion Montana Board of Investments has increased its exposure to noncore strategies, approving two commitments to value-added funds at its Nov. 19 meeting.

The board invested $25 million in DRA Growth and Income Fund VIII, a billion-dollar fund managed by DRA Advisors. The vehicle was launched in May with a $1.35 billion fundraising goal. It held a $446.5 million initial close in October. DRA Fund VIII invests in big-box retail, CBD office, community shopping centers, industrial, mixed-use, multifamily, power center retail, suburban office and warehouse properties in the United States.

The second value-added investment was with BPG Investment Partnership IX, managed by Equus Capital Partners, in which Montana Board of Investments invested $30 million. BPG Investment Partnership IX has a $250 million fundraising goal. It

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