Public Employees' Retirement Board, Department of Administration, Financial Audit for the Fiscal Year Ended .. 2001

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Proceeds from the sale of secu- rities were invested in the STIP. On May 2, 2001, the STIP investment was liqui- dated and the related STIP earnings were distributed to the MTRP participants as of A-IS June 1, 2001. All units outstanding were sold in March, April and May 2001 at unit pnces of $496, $487 and $477, re- spectively. As of June 30, 2001, all ac- counts related to the Montana Real Es- tate Pool reported a zero balance.
Other Investments include venture capital, leveraged buy-outs, re
...al estate, mortgages and loans for the pension trust funds. Venture capital represents private equity investments in early-stage financing of rapidly growing companies with an innovative product or service.
Leveraged buy-outs permit investment groups to acquire a company by lever- aging debt, as a financing technique, to establish a significant ownership posi- tion on behalf of the company's current management team. The Other Invest- ments portfolio holds real estate invest- ments for the pension trust funds.


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