In 2021, state legislation established an In-State Investment program requiring a portion of Legacy Fund assets be invested in North Dakota and empowering the State Investment Board (SIB), as advised by the Legacy and Budget Stabilization Fund Advisory Board, to administer the program.
The SIB formed the North Dakota Growth Fund (NDGF) to advance innovation and private-markets investment by seeking investments that provide strong risk-adjusted returns and support North Dakota's growing entrepreneurial ecosystem. The NDGF is managed by 50 South Capital.
The Legacy Fund's fixed-income investments help to encourage and attract financially strong companies to North Dakota through a certificate of deposit match program administered by the Bank of North Dakota (BND). Additional fixed-income investments are dedicated to supporting infrastructure loans available through BND.
ND Growth Fund managed by 50 South Capital
$250,000,000 committed by SIB
$68,823,735 net asset value*
*per most recent Legacy Fund performance report
ND Real Assets Fund managed by GCM Grosvenor
$150,000,000 committed by SIB
BND Infrastructure Loan Program
$92,521,451
Legacy Fund’s in-state investment program expanded
Friday, June 13, 2025 at 01:00 am
Categories: SIB NewsThe State Investment Board has expanded the Legacy Fund’s in-state investment program by adding GCM Grosvenor, a global alternative asset management solutions provider, to manage real assets investments and increasing its commitment to 50 South Capital, the manager of the program’s private equity and venture capital investments.
SIB appoints Smith as permanent RIO executive director
Tuesday, June 3, 2025 at 10:00 am
Categories: TFFR Member News, TFFR Employer News, SIB NewsThe State Investment Board has appointed Jodi A. Smith as the permanent executive director of the North Dakota Retirement and Investment Office. The decision was made during a special SIB meeting on June 3, 2025.
SIB elects Armstrong as chair, approves interim director offer, and launches executive search
Friday, January 3, 2025
Categories: TFFR Member News, TFFR Employer News, SIB NewsAt a special meeting today, the State Investment Board elected Gov. Kelly Armstrong as its chair, reaffirming the Board’s commitment to strong leadership.
State Investment Board selects NEPC to enhance portfolio strategy
Tuesday, December 10, 2024
Categories: SIB NewsThe North Dakota State Investment Board is pleased to announce the selection of NEPC LLC as its asset allocation advisor.
State Investment Board will transition to new leadership for 2025
Friday, November 22, 2024
Categories: SIB NewsThe State Investment Board recognized outgoing leadership at its meeting today, extending its appreciation for two board members and the Retirement and Investment Office’s executive director for their impactful work on behalf of North Dakota citizens.