Montana Board of Investments (BOI) has approved a $50m (€45.4m) commitment each into real estate and infrastructure funds managed by Oak Street Real Estate Capital and Kimmeridge respectively.
The pension fund disclosed in a meeting document that it the capital was placed into the Oak Street Real Estate Capital Fund VI and Kimmeridge Fund VI funds.
As previously reported, Oak Street Real Estate Capital is seeking to raise $4bn for the value-add US net-lease real estate fund.
The fund is expected to target a net internal rate of return of 12% to 14% over the long-term and a minimum annual net cash yield of 8% utilising 60% leverage.
Earlier this month, raised by Kimmeridge, which the manager had a final close on earlier this month.
Montana BOI’s commitment to Kimmeridge Fund VI was part of the more than $1bn of total commitments raised by Kimmeridge at the fund’s close earlier this month.
The previous fund in the series raised $800m at its final close in October 2019.
Fund VI invests in unconventional oil and gas assets in top-producing basins in North America by purchasing existing assets or through developments.
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