DFX Intelligence
Allocator Intelligence
The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.
State retirement system
Montana Teacher Retirement System
State retirement systemteachersMTcomponent of a larger system
Assets
$5.3B
Total assets, Jun 30, 2024 reported
Funded
n/a
not filed
Private markets target
29.0%
policy Jun 30, 2025
Commitments
0
none on the tape
Invested by: Montana Board of Investments
Allocation policy
ACFR, as of Jun 30, 2025
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Cash | Cash | 3.0% | reported trs.mt.gov | |||
| Core Fixed Income | Fixed income | 15.0% | reported trs.mt.gov | |||
| Non-Core Fixed Income | Fixed income | 6.0% | reported trs.mt.gov | |||
| Private Investments | Private equity | 15.0% | reported trs.mt.gov | |||
| Domestic Equity | Public equity | 30.0% | reported trs.mt.gov | |||
| International Equity | Public equity | 17.0% | reported trs.mt.gov | |||
| Real Assets | Real assets | 5.0% | reported trs.mt.gov | |||
| Real Estate | Real estate | 9.0% | reported trs.mt.gov |
Consultants and advisers
1 firms
- RVK, Inc. General consultantthrough Jun 30, 2025 ACFR
People
2 roles
Chief investment officer
Jon Putnam, CFA, FRM, CAIA
Chief Investment Officer (Jun 30, 2025) trs.mt.gov
Jon Putnam, CFA, FRM, CAIA
Chief Investment Officer
Montana Board of Investments
- Shawn Graham Executive DirectorExecutive director / CEO
Manager roster
No manager relationship is on the tape for this allocator.
Commitments
No fund commitments are on the tape for this allocator. The tape holds the plans that publish their own private-markets reports; a plan that publishes one and is not here is a gap we can close.
Size and funding
57 readings
What changed
No dated events yet.
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: Census PID6 227951
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 15, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.