Montana commits $20m to value-added fund

The $16.4 billion Montana Board of Investments has committed $20 million to DRA Growth & Income Fund IX, according to board meeting documents.

The fund, managed by DRA Advisors, launched in April 2016 and will continue to use a value-added approach to invest in diversified sectors in the United States, including office, retail, multifamily and industrial.

The DRA fund is hoping to raise $1.25 billion in equity commitments. With a target final close scheduled for the beginning of 2017, the fund is nearing a final close, having raised $1.123 billion so far.

Montana has committed to previous funds in the DRA Growth & Income fund series, including an allocation of $25 million to DRA Growth & Income Fund VIII, which raised $1.35 billion in June 2014, surpassing its $1 billion equity fundraising target, and a commitment of $30 million to DRA Growth & Income Fund VII, which held a $1 billion final close in 2011, exceeding its $850 million equity fundrai