Montana Board of Investments (BOI) has issued $150m (€141.5m) worth of commitments into a fund and a separate account relationship.

The pension fund disclosed in a meeting document that it had placed $50m into the Bell Value-Add Fund VIII fund and issued a $100m commitment to the EverWest Silver Bow Holdings separate account with EverWest Real Estate Investments.

Bell Partners is seeking to raise $1bn for the US value-add apartment fund. Fund VIII, which has a leverage component of up to 65%, expects to acquire properties that can produce net returns of 11% to 13%.

EverWest Real Estate is known for making core, core-plus and value-add investments. The investment manager has an investment history of buying and developing office, industrial, retail and apartments.

EverWest Real Estate did not respond to a request for comment.

To read the latest edition of the latest IPE Real Assets magazine click here.