Montana Board Allocates $310M Across Private Markets

The Montana Board of Investments disclosed $310 million in commitments across four real estate, real assets and private equity funds, according to materials from its August meeting.

Montana committed $50 million to Marcus Capital Partners Fund V, a value-add real estate vehicle targeting industrial, multifamily and select property types. Marcus Partners closed the fund in March with $875 million, exceeding its $750 million target and $850 million hard cap.

Another $50 million went to DRA Growth & Income Fund XII. The U.S.-focused value-add strategy seeks to improve properties through renovations, leasing programs, operational changes and opportunistic sales while using leverage to enhance returns.

The two commitments follow Montana’s exits from funds managed by Five Arrows Capital Partners, BKM Capital Partners and O’Connor Capital Partners earlier in 2026.

The board made its largest allocation, $160 million, to Copenhagen Evergreen Credit Fund, an infrastructure debt vehicle managed by Copenhagen Infrastructure Partners. The manager’s broader green credit platform provides financing to renewable-energy projects, energy-transition companies and related infrastructure, primarily through senior secured investments.

Montana also allocated $50 million to Beaverhead Investment Fund, a private equity buyout vehicle managed by Accolade Partners. The commitment was classified as an add-on investment within the board’s private investments portfolio.

The fund’s private holdings span buyouts, venture capital and credit, with existing relationships including EQT, CBRE Investment Management, GoldenTree Asset Management, Deerpath Capital Management, Walton Street Capital and Axiom Asia.

The recent allocations represent nearly 1% of the Helena-based board’s $32 billion investment pool, which includes state pension assets. The pool returned 13.23% for the year ended June 30, while its private investments portfolio gained 3.52%.