Legacy Fund’s In State Investment Program Expanded

(North Dakota Retirement and Investment image)

(North Dakota Monitor) – 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

For more information on the Legacy Fund’s in-state investment program, visit https://www.rio.nd.gov/in-state-investment-program.