Underlying Funds and Programs
The In-State Investment Program’s capital is committed to four funds and programs, each run by a third-party manager. Legislative targets total $1.3B. The current funds and programs account for $950M, with the remainder to be allocated as additional mandates are established.
| Fund or Program (Asset Class) |
Purpose | Target | Deployed* (as of 06/30/2026) |
Manager |
|---|---|---|---|---|
| North Dakota Growth Fund (Private Equity) |
Supports entrepreneurial growth by investing in private equity and venture capital funds and affiliated companies. | $250,000,000 | $96,037,671 | 50 South Capital |
| North Dakota Real Assets Fund (Real Assets) |
Invests in asset-based projects including commercial real estate, private infrastructure, natural resources and agriculture. | $150,000,000 | Deployment underway | GCM Grosvenor |
| Match Program (Fixed Income) |
Provides low-interest loans to encourage and attract financially strong companies to North Dakota. | $400,000,000 | $467,709,902 | Bank of North Dakota |
| Legacy Infrastructure Loan Fund (Fixed Income) |
Provides communities with affordable financing for the repair, replacement, and construction of public infrastructure. | $150,000,000 | $136,997,768 | Bank of North Dakota |
*For the current market value of these investments, view the monthly performance reports.
Deployed: What the Numbers Mean
- Capital committed to private funds (North Dakota Growth Fund and North Dakota Real Assets Fund) is drawn down over several years.
- Bank of North Dakota's loan programs work differently. There's no commitment period — money is lent out, repaid, and lent again.