In-State Investment Program

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In late 2020, the SIB began exploring options for including an allocation within the Legacy Fund specific to in-state investments. In early 2021, the Legacy and Budget Stabilization Fund Advisory Board revised the investment guidelines for the Legacy Fund to include an asset allocation structure that will more easily allow the SIB to consider in-state investments for the portfolio; and during the 2021, Legislative Session, HB1425 was passed adding language in state statute specific to in-state investments within the Legacy Fund.

In June 2021, the SIB formed the North Dakota Growth Fund (NDGF) which will be managed by 50 South Capital, a well-established institutional private equity solutions investment advisor. This was an initial step in implementing the in-state investment requirements for the Legacy Fund under North Dakota Century Code 21-10-11. The NDGF was created to further advance innovation and private markets investments in North Dakota by seeking investments that provide strong risk-adjusted returns and support the growing entrepreneurial ecosystem in the state. SIB has committed $250 million of the Legacy Fund to the NDGF, with a targeted initial investment period of five years. 50 South Capital is responsible for seeking out and vetting investment opportunities that fit within the investment policies set by the SIB for this fund. The SIB and the Legacy and Budget Stabilization Fund Advisory Board will review investment performance, pacing and investment policies for this important program on a semi-annual basis going forward.

Inquiries regarding investment opportunities should be directed to 50 South Capital. Additional information on the North Dakota Growth Fund, including eligibility requirements and contact information, can be found at www.NDGrowthFund.com.

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Upcoming EventsView All Events

October 2021 SIB Board Meeting (Virtual)

Friday, October 22, 2021 at 08:30 am

Categories: SIB Meetings

October 2021 SIB Executive Search Committee

Friday, October 22, 2021 at 10:30 am

Categories: SIB Meetings

November 2021 SIB Executive Review Committee Meeting (Cancelled)

Tuesday, November 2, 2021 at 03:00 pm

Categories: SIB Meetings, SIB Executive Review Meetings

November 2021 SIB Board Meeting (Virtual)

Friday, November 19, 2021 at 08:30 am

Categories: SIB Meetings

January 2022 SIB Board Meeting (Virtual)

Friday, January 28, 2022 at 08:30 am

Categories: SIB Meetings

February 2022 SIB Board Meeting (Virtual)

Friday, February 25, 2022 at 08:30 am

Categories: SIB Meetings

March 2022 SIB Board Meeting (Tentative-Virtual)

Friday, March 25, 2022 at 08:30 am

Categories: SIB Meetings

April 2022 SIB Board Meeting (Virtual)

Friday, April 22, 2022 at 08:30 am

Categories: SIB Meetings

May 2022 SIB Board Meeting (Virtual)

Friday, May 20, 2022 at 08:30 am

Categories: SIB Meetings

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Recent NewsView All News

RIO is seeking a Chief Investment Officer (CIO)

Categories: SIB News

We are seeking a Chief Investment Officer (CIO) with a high level of ethics and commitment to transparency. ND RIO, is an agency of the State of North Dakota and was assembled to capture administrative and investment savings in the management of two state programs: the retirement program of the Teachers’ Fund for Retirement (TFFR) and the investment program of the State of Investment Board (SIB).

SIB is the oversight board for NDRIO, the TFFR Board is responsible for the administration of the TFFR benefits program.  ND RIO has traditionally been led by a CIO/Executive Director.  As the investment program has grown dramatically, the SIB made the decision to bifurcate the Chief Investment Officer role from the Executive Director responsibilities.  

The CIO will report to the Executive Director and is responsible for administering the investment program of SIB.

Responsibilities and Preferred Qualifications please view the Position Specifications.

ND RIO has retained EFL Associates for this important search. To apply please send your resume to Lauren McElderry, of EFL Associates, at lmcelderry@eflassociates.com.


State Investment Board Press Release

Categories: SIB News

Fargo, N.D. - 50 South Capital Advisors, LLC, the general partner of the newly-formed North Dakota Growth Fund (NDGF or the Fund), recently launched its interactive website for the Fund. The Fund was created, with the support of the State Investment Board, to further advance innovation and private markets investments in the state by seeking investments that provide strong risk-adjusted returns and support the growing entrepreneurial ecosystem in the state.

Read the full Press Release 


Retirement and Investment Office Press Release

Categories: SIB News

The North Dakota Retirement & Investment Office (RIO) has issued a Request for Proposal (RFP) for Executive recruitment services to identify and evaluate qualified candidates to fill the position of Chief Investment Officer – Executive Director. The solicitation period closes Friday, July 16, 2021 at 10:00 AM CT.

Read the full Press Release 


State Investment Board Press Release

Categories: SIB News

BISMARCK, ND – The North Dakota State Investment Board (SIB) convened today to accept the resignation of Executive Director and Chief Investment Officer David Hunter effective June 22, 2021. The SIB thanked Mr. Hunter for his years of dedication and service to the State and investment program. Vice Chair Dr. Rob Lech applauded Mr. Hunter for his commitment to due diligence and a growth oriented leadership.

Read the full Press Release 


State Investment Board Press Release

Categories: SIB News

BISMARCK, NORTH DAKOTA, JUNE 14, 2021 – The State Investment Board (SIB) of North Dakota recently formed the North Dakota Growth Fund {1889 Growth Fund L.P.}. The Fund was created to further advance innovation and private markets investments in North Dakota by seeking investments that provide strong risk-adjusted returns and support the growing entrepreneurial ecosystem in the state.

Read the full Press Release 


RIO Press Release - Executive Director/Chief Investment Officer Resignation

Categories: TFFR Member News, TFFR Employer News, SIB News

The North Dakota Retirement and Investment Office (RIO) announced today that Executive Director and Chief Investment Officer David Hunter is resigning his position effective June 22, 2021.

Official Press Release


March 2021 SIB Investment Newsletter

Categories: SIB News

The March 2021 Vested Interest is now available.  Please review the information regarding SIB Client Investment Information and Board Updates.


October 2020 SIB Investment Newsletter

Categories: SIB News

The October 2020 Vested Interest is now available.  Please review the information regarding SIB Client Investment Information.


SIB Press Release - Legacy Fund Investment

Categories: SIB News

State Investment Board raises Legacy Fund “In-State Investing Commitment” to a record high of $400 million with a new $100 million funding commitment

Bank of North Dakota to expand in-state loan program from $300 million to $400 million


May 2020 SIB Investment Newsletter

Categories: SIB News

The May 2020 Vested Interest is now available.  Please review the information regarding TFFR and PERS Net Investment Returns.


Important Office Information Regarding COVID-19

Categories: TFFR Member News, TFFR Employer News, SIB News

ATTENTION: Visiting Our Office

Due to public health concerns related to the coronavirus outbreak (COVID-19) and Governor Burgum’s executive order, the ND Retirement and Investment Office (RIO) is closed to public visitors until further notice.


Teachers’ Fund for Retirement (TFFR) and State Investment Board (SIB) client services remain fully functional, but will primarily be delivered by electronic means. Our staff is transitioning to working remotely to avoid disruptions for TFFR members and SIB clients. We will continue to administer critical retirement and investment program operations, claims processing, and retiree payroll functions.


Please contact us by phone (1.800.952.2970 or 701.328.9885) or email us at rio@nd.gov. Thank you for your patience and support. Stay safe!

Top 5 Things to know about TFFR regarding COVID-19

TFFR Employer Reporting FAQs regarding COVID-19


October 2019 SIB Investment Newsletter

Categories: SIB News

The October 2019 Vested Interest is now available.  Please review the information regarding TFFR and PERS Investment Returns in Fiscal 2019 & a State Investment Board Member Update.


SIB Press Release - Legacy Fund Investment

Categories: SIB News

State Investment Board puts Legacy Fund investments to work for North Dakotans, makes changes to further improve performance

Board increases loan fund for new businesses by $100M, adopts best practice for defining Legacy Fund earnings


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