North Dakota to Expand In State Legacy Fund Investments

Electric transmission lines. (Jeff Beach/North Dakota Monitor)

(North Dakota Monitor) – North Dakota plans to invest up to $150 million of Legacy Fund money in-state into land, infrastructure, agriculture and natural resources as part of a new agreement with investment firm GCM Grosvenor.

The Legacy Fund is a trust fund for the state made from oil tax revenue. The fund, which as of March was valued at nearly $12 billion, is meant to create a source of reliable income for North Dakota even after the state’s energy industry tapers off.

The Legislature made a commitment during the 2021 session to invest more Legacy Fund dollars in-state, with the goal of making money for North Dakota while also stimulating its economy.

The state has set a goal of investing $600 million into North Dakota equity. The partnership with GCM Grosvenor to invest $150 million is part of that. The money is expected to go largely to private infrastructure, including for the energy and technology industries, according to the state Retirement and Investment Office, which administers the Legacy Fund.

“All North Dakotans will benefit through increased opportunity, a broader tax base, and a stronger foundation for future growth,” Rep. Jonathan Warrey, who chairs the Legacy and Budget Stabilization Fund Advisory Board, said in an announcement this month