Montana commits $75m to three venture funds

The Helena-based organization re-ups with two existing managers.

Institution: Montana Board of Investments
Headquarters: Helena, Montana
AUM: $24.9 billion
Allocation to alternatives: 18.9%

Montana Board of Investments has committed $75 million across three vehicles, according to its August 2020 investment board meeting documents.

The commitments comprise $25 million each to Foundation Capital Leadership Fund III; Foundation Capital X; and Builders VC Fund II. These commitments are re-ups with existing managers.

Foundation Capital’s Fund X is targeted at $500 million, according to a regulatory filing in early June. The third Leadership fund, which serves as the firm’s opportunity fund, is aiming to raise $300 million, based on a regulatory filing.

Builders VC is aiming to raise $250 million for Fund II, according to a filing.

As illustrated below, MBOI’s recent private equity commitments have primarily focused on venture funds targeting investments in North America. Private investments, which includes both private equity and private debt, constitute 8.6 percent of the organization’s entire investment portfolio.