MB
LP profile
Montana Board of Investments
Pension fund · Founded 1972 · Helena, United States
133
VC firms backed
$27B
AUM
~$540M
Allocated to VC (est. 2%)
01 · Background
Who Montana Board of Investments is.
- Historical Background
- The Montana Board of Investments was established by the state legislature in 1972. It was created to manage the state's investments according to constitutional and statutory guidelines and is administratively attached to the Department of Commerce.
- Source of Capital
- The board manages funds from state and local governments within Montana. Its investment pools include capital from nine state pension funds, such as the Public Employees' Retirement System and the Teachers' Retirement System, as well as state trust funds.
- Allocation Strategy
- The board invests across a diversified range of assets, including private equity, private credit, real estate, and public markets. A specific mandate includes the In-State Investment Program, which focuses on financing new or expanding businesses within Montana to foster local economic growth. The board has indicated intentions to increase its target allocations to private market assets, including private equity and private credit, for certain investment pools.
02 · Fund commitments
The funds Montana Board of Investments backs.
Montana Board of Investments is a limited partner in 133 funds. 10 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
New Enterprise Associates
#8 Power Law
Matrix Partners
#58 Power Law
Foundation Capital
#155 Power Law
Summit Partners
#168 Power Law
KKR
#251 Power Law
Sierra Ventures
#254 Power Law
Industry Ventures
#266 Power Law
Adams Street Partners
#331 Power Law
InterWest Partners
#395 Power Law
Tenaya Capital
#449 Power Law
ABR Capital Partners
Accolade Partners
AEW Invest
Affinity Equity Partners
Almanac Realty Investors
Apiary Capital
Ascendent Capital Partners
Audax Private Equity
Axiom Asia Private Capital
BlueRun Ventures
BRV Capital Management
Carlyle Cardinal Ireland - CCI
Copenhagen Infrastructure Partners
Crescent Group
Crescent Point
EQT Group
Fidelity International
Hellman & Friedman
Incofin
Kester Capital
Lanchi Ventures
OCP Asia
SCALE Aviation
Southern Capital
Terra Firma
03 · Allocation
How Montana Board of Investments’ fund book is spread.
The 133 funds Montana Board of Investments backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters, across the 132 of 133 with a location on record.
- North America 11083%
- Europe 129%
- Rest of world 108%
United States 107 · United Kingdom 6 · China 4 · Canada 3
How established those managers are
Managers grouped by how many funds they have raised — across the 84 of 133 with a fund history on record.
Emerging funds · 39
Established funds · 45
14
1
13
2
12
3
8
4
13
5-6
7
7-9
8
10-14
9
15+
Funds raised by the manager
04 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to Montana Board of Investments by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
American Federation of Musicians and Employers' Pension Fund And Subsidiary
$2.4B AUM
33 VC funds backed
🇺🇸
McKinsey Retirement Trust
7 VC funds backed
🇺🇸
Murdocktrust
$1.8B AUM
19 VC funds backed
🇺🇸
Howmet Aerospace Retirement Plans Master Trust
15 VC funds backed
🇺🇸
John Deere Pension Trust
13 VC funds backed
🇫🇮
Keva
$70B AUM
68 VC funds backed
🇺🇸
Louisiana State Employees' Retirement System
$12B AUM
36 VC funds backed
🇺🇸
State Board of Administration
$230B AUM
101 VC funds backed