Montana Board of Investments (BOI) has approved a $50m (€46.5m) commitment each into value-add US real estate funds managed by DRA Advisors and Stockbridge, according to the pension fund’s meeting document.

Montana BOI said it has placed the capital into the DRA Growth & Income Fund XI and the Stockbridge Value Fund V funds.

As previously reported, DRA Advisors is seeking to raise $2.25bn for its US real estate fund to will invest in a mixture of property types including residential, industrial, office and retail assets.

According to sources, Stockbridge’s value-add US real estate fund is nearing its first close but details of the amount raised is currently unknown. The previous fund in the series has a $562m final close in April 2021.

The fund’s target assets a mixture of multifamily, industrial, retail, medical office and traditional office buildings.

Stockbridge declined a request for comment.

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