Assign MaterialInstanceDynamic to instanced foliage

I’m trying to assign a MaterialInstanceDynamic to some instanced foliage. I need the foliage material to have a reference to a procedural texture that is being updated every frame, so I can’t just use Material Parameter Collections. I only need one material for all the shared instances, so I think it should be possible, but I’m hitting a wall when it comes to assigning a material instance to any kind of InstancedStaticMesh component.

Thanks in advance!!