BISMARCK, N.D. – The State Investment Board (SIB) 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.
“By investing in diverse sectors, we help to ensure that the Legacy Fund contributes to the strength and resilience of North Dakota’s economy,” said Gov. Kelly Armstrong, SIB chairman. “The in-state program’s investment strategy now includes private equity, fixed income and real assets, all managed with a disciplined, long-term approach.”
The in-state investment program is overseen by the SIB with guidance from the Legacy and Budget Stabilization Fund Advisory Board. The goal of the program is to invest a portion of the Legacy Fund within North Dakota in opportunities that generate competitive returns. The North Dakota Retirement and Investment Office administers the program.
GCM Grosvenor will lead the new real assets mandate with an initial $150 million commitment to be deployed over three years. Real assets include investments in real estate, infrastructure, natural resources and agriculture.
Earlier this year, the SIB increased its commitment to 50 South Capital, manager of the North Dakota Growth Fund, from $100 million to $250 million, deepening support for North Dakota businesses and entrepreneurs through targeted private equity investments. The anticipated pace of these investments is $30 million to $40 million annually.
“Increasing our commitment to the North Dakota Growth Fund reflects confidence in the strategy’s performance and potential,” said Rep. Jonathan Warrey, Legacy and Budget Stabilization Fund Advisory Board chairman. “We are strengthening our entire capital ecosystem—supporting new ventures by providing more capital to grow or transition existing North Dakota businesses. All North Dakotans will benefit through increased opportunity, a broader tax base, and a stronger foundation for future growth.”
As of March 31, 2025, over $500 million of the $11.9 billion Legacy Fund has been invested in North Dakota. 50 South Capital has committed $111.5 million across 7 funds and 4 direct co-investments, supporting 23 North Dakota businesses. Additionally, fixed-income investments through Bank of North Dakota total $391 million, including 9 Match Loans valued at $299 million and 23 Infrastructure Loans valued at $92 million.
“These investments demonstrate the State Investment Board’s commitment to deploying Legacy Fund assets in ways that support economic growth while ensuring every investment is beneficial to North Dakota and its residents,” said Armstrong.
The in-state investment program was established in 2021. In line with state statute, a Legacy Fund investment policy adopted in July 2023 targeted $600 million to in-state equity investments and $700 million to in-state fixed income. A pacing analysis projects it will take until 2030 to achieve the mandate. All of the program’s investments must be made through independent, third-party managers.