Montana Board of Investments has committed $50m each to a global cold storage warehouse fund managed by Westport Capital Partners and a US nature and biodiversity fund managed by Ecosystem Investment Partners.
The pension fund disclosed in a meeting document that it has backed the NewCold Fund III and the Ecosystem Investment Partners Fund V funds.
Westport Capital is seeking to raise $3.25bn for NewCold Fund III and plans to issue a co-investment equal to 3% of the fund’s total capital raise.
Fund III’s leverage is expected to not exceed 65% loan-to-value, with an investment period of three years and an optional one-year extension.
Ecosystem Investment is seeking a total capital raise of $650m for its fund, with an 8% return. The fund’s investment strategy involves acquiring, entitling, restoring, sustainably managing, and ultimately selling real property interests across the US.
Fund V seeks to generate cash flow through the sale of land-based environmental offsets, such as mitigation bank credits and other contracted payments for natural resource restoration and conservation.
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