BISMARCK – 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 by increasing its commitment to 50 South Capital, the manager of the program’s private equity and venture capital investments.

The goal of the program is to invest a portion of the Legacy Fund within North Dakota in opportunities that generate competitive returns, according to the N.D. Retirement and Investment Office, which manages the program.

A release from the State Investment Board stated 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.

As of March 31, more than $500 million of the $11.9 billion Legacy Fund has been invested in North Dakota, the investment board reported. 50 South Capital has committed $111.5 million across seven funds and four direct co-investments, supporting 23 North Dakota businesses. Additionally, fixed-income investments through Bank of North Dakota total $391 million, including nine Match Loans valued at $299 million and 23 Infrastructure Loans valued at $92 million.

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.