North Dakota Real Assets Fund

An official website of the state of North Dakota. Here's how you know

The .gov means it's official.Official North Dakota websites will end in .gov. Before sharing sensitive information, make sure you're on a government site.

The site is secure.The https:// ensures that you're connecting to the official website and that any information you provide is encrypted and sent securely.

Managed by GCM Grosvenor

Medium

Left

Managed by GCM Grosvenor

To support the Legacy Fund In-state Investment Program’s goal of deploying $600 million in in-state equity investments, in June 2025 the State Investment Board selected GCM Grosvenor for a $150 million custom real assets investment mandate (investments in tangible assets, e.g., real estate, infrastructure, natural resources and agriculture) focused on North Dakota.

Real Assets Pacing

Investment Amount: $150 million over 3 years
Annual Deployment Target: ~$50 million

Mandate Focus

Direct Company Co-Investments & Single Asset Secondaries
- Maximizes exposure to North Dakota-based companies
- Avoids broad geographic diversification common in traditional fund structures

Learn more

Contact us: rio-ndrealassets@nd.gov