In-State Investment Program

In 2021, state legislation (HB 1425) established an In-State Investment Program requiring a portion of Legacy Fund assets be invested in North Dakota. The State Investment Board (SIB), as advised by the Legacy and Budget Stabilization Fund Advisory Board, administers the program.

In line with state statute (SB 2330), a Legacy Fund investment policy adopted in July 2023 targets:

  • $600 million to in-state equity investments
  • $700 million to in-state fixed income investments

At the close of FY2025 (June 30, 2025), more than $500 million was invested in communities across North Dakota.

In-state Equity

North Dakota Growth Fund

managed by 50 South Capital

$250,000,000 SIB commitment

$89,986,961 net asset value*

*per most recent performance report
In-state Real Assets

North Dakota Real Assets Fund

managed by GCM Grosvenor

$150,000,000 SIB commitment
In-state Fixed Income

MATCH Loan Program

managed by Bank of North Dakota

$287,742,937*

*per most recent performance report
In-state Fixed Income

Infrastructure Loan Program

managed by Bank of North Dakota

$139,620,116*

*per most recent performance report