News

The 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.

The 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.

The Retirement and Investment Office in partnership with Sagitec, a leader in pension administration software solutions, successfully launched a modernized Pension Administration System for the Teachers' Fund for Retirement. This marks a significant milestone in a pension modernization project, which sought to enhance platform efficiency, security, and service for the fund's more than 25,000 active, inactive, and retired members.

At a special meeting today, the State Investment Board elected Gov. Kelly Armstrong as its chair, reaffirming the Board’s commitment to strong leadership.

The North Dakota State Investment Board is pleased to announce the selection of NEPC LLC as its asset allocation advisor.

The North Dakota Teachers’ Fund for Retirement has been honored with the 2024 Public Pension Standards Award for Funding and Administration by the Public Pension Coordinating Council. The award is the benchmark for excellence in public defined benefit plans, evaluating standards of management, administration, and funding. 

The 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.

A report to the Legacy and Budget Stabilization Fund Advisory Board highlighted the progress of the Legacy Fund’s in-state investment program. At the close of the fiscal year, more than $450 million was committed to 40 North Dakota businesses and communities. To tap additional in-state opportunities, the State Investment Board will add another investment manager to the program’s roster next year. 

The Legacy Fund, North Dakota’s sovereign wealth fund, is a strategic asset dedicated to securing long-term financial stability that will allow North Dakotans to benefit from the state’s natural resources for generations to come. With the passage of Measure #3, the fund’s potential is even greater because more dollars can be invested long-term.

SIB members say they fully support transparency in the state’s Legacy Fund but caution that any proposed legislation aimed at the Legacy Fund should avoid harming its stability and growth or jeopardizing its in-state investment program.