Montana Board of Investments has added to its real estate portfolio with two new commitments totaling $215m (€185m).
The largest of the two commitments was $115m for the Sterling United Properties Fund I, according to a board meeting document.
The total commitment was broken down with $50m each coming from capital of the Consolidated Asset Pension Pool (CAPP) and the Trust Fund Investment Pool (TFIP). The other $15m was for the State Fund, which is for the state workers compensation insurance fund.
The Sterling Organization is the manager of the fund and is seeking to raise $600m. It will be investing in grocery-anchored shopping centres in the US.
The other $100m commitment was for the Blue Owl Real Estate Capital Fund VII, with $50m coming from both CAPP and TFIP.
The net-lease fund managed by Blue Owl Capital has a capital raising target of $6.5m. The fund will mostly invest in single-tenant industrial properties with other investments in office and retail.
