Montana Board of Investments has approved an $80m (€78m) commitment to AEW’s open-ended cold storage real estate fund.

The pension fund disclosed in a meeting document that it had backed the AEW Cold Storage Properties Fund.

According to sources, Cold Storage Properties Fund, which was launched last year, has so far raised $700m.

The fund targets existing assets as well as some capital development and properties that require minor renovations.

AEW declined a request for comment.

Montana Board has also approved a $50m commitment into Marcus Partners Fund IV, a value-add US real estate seeking investments in East Coast cities.

The fund mainly targets industrial, life science and multifamily assets.

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