Montana Board of Investments expects to commit approximately $200m (€185m) to real estate this year, according to a board meeting document.

As part of this it will look to increase its exposure to real estate debt investments, increasing its diversification and providing greater downside protection and current income.

The pension fund also hopes to reduce its exposure to open-ended core real estate funds by issuing redemption requests.

Capital returned from open-ended core funs would be reinvested in other real estate strategies.

Montana Board of Investments has recently made two new commitments to real estate strategies: a $75m investment in two vehicles, Fergus Ventures and Stillwater Venture.

The pension fund did not provide any additional information on these commitments.