Montana drops performance premium from PE benchmark

Montana Board of Investments, private equity, pension fund
  • Montana drops S&P 1500 for MSCI USA Small Cap
  • New benchmark “investable,” better matches Montana PE holdings
  • Montana PE portfolio valued at $1.56 bln
Montana Board of Investments changed the benchmark by which it measures its private equity portfolio’s performance, Executive Director David Ewer told Buyouts. The $10.6 billion retirement system dropped its PE portfolio’s public-market benchmark, the S&P 1500 plus a four-percentage-point return premium, ...

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