The board, which manages over $16 billion in state funds, committed $25 million to Axiom Asia Private Capital IV, according to materials from the board’s 23 February committee meeting.
Axiom had collected $391 million for Axiom IV by 24 November, as Secondaries Investor reported. While the target of Axiom IV is not known, the firm’s previous vehicle, Axiom Asia Private Capital III, closed on $1.2 billion, according to PEI Research & Analytics.
Axiom uses its funds of funds to make secondaries purchases as well as co-investments and direct investments, according to its website. The firm invests in private equity funds across buyout, growth capital and venture capital in Japan, Korea, China, South-East Asia, Australasia and the Indian subcontinent.
Montana, which is an investor in Axiom’s two previous funds of funds, had about 6.5 percent of its total assets allocated to private equity on 30 June, according to its 2015 Annual Report.