Investment Strategy: Real Assets

To support the In-State Investment Program’s goal of deploying $600 million in North Dakota 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).

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

• Summary Investment Guidelines
• GCM Grosvenor

Contact us: rio-ndrealassets@nd.gov