Montana Board of Investments is allocating $140m (€127m) of new capital to five of its existing real estate investment managers, according to a board meeting document.

The biggest investment is a $40m commitment to American Core Realty Fund, an open-ended fund managed by American Realty Advisors.

Montana Board of Investments previously invested $40m in the fund in 2017.

The pension fund is also investing $30m in Bell Institutional Fund VII, an apartments fund for which Bell Partners is seeking to raise $800m.

Montana Board of Investments invested in the previous Bell Partners fund.

It is also investing $30m in Fidelity Real Estate High Income Fund and $20m in Sterling United Properties II.

In August last year, the pension fund made a commitment to the Fidelity Investments fund, which invests listed real estate debt, 

In May this year, it made a $30m commitment to the Sterling Organization fund, which targets grocery-anchored shopping centres.

CenterSquare Investment Management, which manages $40.1m portfolio of investments in listed real estate investment trusts, is being given an additional $20m.