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SEPTEMBER 11, 2013

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Montana State Board makes follow-on core investment

by Andrea Waitrovich

The $8.5 billion Montana State Board of Investments approved a $40 million commitment to TIAA-CREF Asset Management Core Property Fund, managed by TIAA-CREF Asset Management.

Montana State Board has invested in the fund before. In 2009, it approved a $10 million commitment to the open-end fund.

The commitment is part of the pension's fund core portfolio, which makes up approximately 38 percent, or $273 million,  of its real estate assets and includes the directly owned Montana office buildings as of Aug. 20, 2013.

Montana State Board's other existing core open-ended includes Clarion Partners' Clarion Lion Properties, Invesco Real Estate's Invesco Core Real Estate- USA, J.P. Morgan Asset Management's Strategic Properties fund and UBS Global Asset Management's UBS-Trumbull Property Fund.

Timberland, being the most recent addition to the real estate portfolio, represents approximately 8.9 percent, or $63.9 million of

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