Montana commits $55m to private equity

The $12.1bn pension system made three recent commitments, including a $15m re-up to Lexington Capital Partners’ seventh secondaries fund.

Montana's state pension system has committed $55 million across three private equity funds. The pension's board of investments reviewed the commitments, made by investment staff, at its August meeting.

ArcLight Capital Partners received $20 million for its fifth energy partners fund, which is targeting $2 billion for infrastructure assets in the energy sector. ArcLight Energy Partners V has received around $900 million in commitments since May, according to US Securities and Exchange Commission filings.

The $12.1 billion pension system also committed $20 million to Summit Partners Growth Equity VIII. Summit’s eighth fund could close on its $3 billion target by September after launching in March, a source close to the firm told Private Equity International.

Lexington Capital Partners received a $15 million re-up for its seventh secondaries fund upon its final close, raising Montana’s total commitment to $45 million.  The firm closed on the $7 billion fund in June, according to a person with knowledge of the fundraising.

The pension's private equity portfolio was valued at $1.56 billion as of May, according to PEI Media's data provider Private Equity Connect. The portfolio makes up about 13.1 percent of the total fund.