Montana puts $80m in AEW’s open-ended cold-storage fund

The Montana Board of Investments (MBI) has committed $80 million to the AEW Cold Storage Properties Fund, managed by AEW Capital Management.

The open-ended investment vehicle was launched in July, according to a filing with the SEC. The July 20 filing notes that the fund already has secured more than $690 million from 18 investors.

A specific investment strategy for the fund could not be determined at the time of publication, however, AEW is one of the largest real estate investment managers in the world with $94.8 billion in assets under management across all property types in North America, Europe and Asia Pacific.

As of June 30, MBI’s real estate portfolio had a net-asset value of about $1.7 billion. It is U.S.-centric, and broadly diversified across property types, markets and geographies. The pension fund said it has a focus on existing, high-convi