Hồ bơi đầu tư khác - Montana Pool (Private Equity MPEP) có thể bao gồm vốn liên doanh, mua lại thừa hưởng, tầng lửng, nợ đau khổ, tình hình đặc biệt và các khoản đầu tư thứ cấp. | A-15 STATE OF MONTANA BOARD OF INVESTMENTS CONSOLIDATED UNIFIED INVESTMENT PROGRAM FINANICAL STATEMENT Alternative Investment Pools - The Montana Private Equity Pool MPEP may include venture capital leveraged buyout mezzanine distressed debt special situation and secondary investments. These investments are made via Limited Partnership Agreements in which the Board and other institutional investors invest as Limited Partners in funds managed by a General Partner. These investments are riskier with higher potential return than public equity investments and are less liquid because the funds are usually committed for at least 10 years. Because of the risk and illiquidity these investments are limited to sophisticated investors only. The MPEP invests its cash in the State Street SPiFf Stock Performance Index Futures Fund . The Montana Real Estate Pool MTRP includes investments in private core value-added and opportunistic real estate. Core investments are the least risky with the lowest return and are usually managed in commingled accounts in which the investor purchases shares. Value-added and opportunistic real estate investments provide more risk and return and are less liquid than core investments. These investments are usually made through Limited Partnership Agreements. The MTRP invests its cash in STIP. STIP -This Pool is managed to preserve principal while obtaining money market type returns and 24-hour liquidity. Funds may be invested for one or more days. Although it is not registered with the Securities and Exchange Commission SEC as an investment company STIP is managed consistent with the SEC rule 2a7 of the Investment Company Act of 1940. As a 2a7-like pool the STIP utilizes an amortized cost unit value to report net assets. The portfolio may include asset-backed securities commercial paper corporate . government direct obligations . government agency securities repurchase agreements institutional money market funds certificates of deposit and .
