Graphics.DrawMeshInstanced Doesn't work with transparent materials

Opaque:

Here is a quad that is rendered by Graphics.DrawMeshInstanced next to a cube with the same material.
When I change the material type to transparent it doesn’t get rendered.
Is this a bug or am I missing something?

Transparent:

Here is the code:

    private void RenderClouds() {
        cloudMaterial.SetFloat(cloudsWorldPosName, transform.position.y);
        cloudMaterial.SetFloat(cloudsHeightName, cloudsHeight);

        _offset = cloudsHeight / cloudsResolution / 2f;
        var initPos = transform.position + (Vector3.up * (_offset * cloudsResolution / 2f));

        for (var i = 0; i < cloudsResolution; i++) {
            _cloudsPosMatrix = Matrix4x4.TRS(initPos - (Vector3.up * _offset * i), transform.rotation, transform.localScale);
            _cloudMatrices.Add(_cloudsPosMatrix);
        }
        Graphics.DrawMeshInstanced(cloudMesh, 0, cloudMaterial, _cloudMatrices.ToArray(), cloudsResolution);
        _cloudMatrices.Clear();
    }

Thank you.

Any answers? been trying to do this for 2 days now…