Montana Board of Investments committed $90m (€73m) to three new real estate funds during the final quarter of 2017.
The pension fund said in its meeting document that it is putting $30m each into Stolz Real Estate Fund VI, BKM Industrial Value Fund II and Centerbridge Partners Real Estate Fund.
Stolz and Centerbridge did not respond to a request for comment. BKM declined to comment.
According to sources that track fundraising in the US, Stolz plans to raise $300m with a $500m hard cap for Fund VI.
The fund plans to invest in core-plus and value-add US office, industrial, retail and apartments assets.
BKM Capital Partners’ first fund raised $105m at the final close in February 2016. BKM Fund II is a value-add investment fund that buys multi-tenant industrial assets.
It currently has a joint venture with California Public Employees’ Retirement System through the pension fund’s emerging manager programme run by Canyon Partners Real Estate.
The Centerbridge fund intends to invest opportunistically in a mixture of corporate platforms, loans and direct assets.
An SEC filing in November last year did not disclose the fundraising amount.
Montana Board’s real estate investment currently accounts for around 7% of the $11.3bn of assets it manages.
- American Investors
- BKM Industrial Value Fund II
- Capital Raising
- Centerbridge Partners Real Estate Fund
- Investment Strategies
- Investment Vehicles
- Montana Board of Investments
- Pension Funds
- Real Estate
- Stolz Real Estate Fund VI
- US Investors