MBOI continues partnership with Tree Line Capital

Institution: Montana Board of Investments
Headquarters: Helena, US
AUM: $23.8 billion
Allocation to Private Investments: 17.34%

Montana Board of Investments has confirmed a $75 million commitment to Tree Line Direct Lending III, according to its August board meeting materials.

Founded in 2014, Tree Line Capital Partners is a San Francisco-headquartered private credit asset management firm that targets mid-market and private debt investment opportunities across North America. It launched its third direct lending fund in June 2021 with a target size of $450 million, holding a first close in July 2021 at $120.8 million.

Montana Board of Investments has a 17.34 percent allocation for private investments, comprising $4.1 billion in capital. This includes both private debt and private equity.

In 2019, MBOI committed $50 million to the previous fund in the series. The fund closed in September 2019, having received $187 million in investor capital.

As illustrated below, MBOI’s recent private equity commitments have been centred on North American buyout vehicles investing across various sectors.

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