North Dakota State Investment Board

North Dakota State Investment Board

The North Dakota State Investment Board was established in 1989 to centralize investment management for state funds. Scott M. Anderson was appointed CIO in January 2022 after prior roles at the State of Wisconsin Investment Board and American Family Insurance. Jodi A. Smith became permanent Executive Director in June 2025 following service as Commissioner of Trust Lands. The Legacy Fund, seeded by oil and gas tax revenues, constitutes the largest single mandate at approximately $12 billion. Allocations span private equity, real estate, infrastructure, and natural resources. The board targets 11 percent to private equity and maintains separate sleeves for value-add real estate and in-state infrastructure loans. Confirmed holdings include commitments of $100 million to Carlyle Realty Partners X, $85 million to PRISA III, $75 million to Ares US Real Estate Fund XI, and a $150 million direct mandate to the North Dakota Real Assets Fund managed by GCM Grosvenor. Geographic exposure covers North Dakota for in-state programs and broader North American and global markets through external fund commitments. The board employs 20 professionals and operates from Bismarck. It maintains relationships with Northern Trust for custody, NEPC for asset allocation advice, 50 South Capital for private equity, and GCM Grosvenor for real assets. In October 2025 the board sponsored the NDRIO Investment Seminar focused on Legacy Fund and in-state investment topics. Additional vehicles include the Teachers' Fund for Retirement valued near $3 billion and smaller endowments such as the ND Cultural Endowment Fund. Governance rests with a board chaired by Governor Kelly Armstrong and an investment committee led by State Treasurer Thomas Beadle. This public structure requires statutory transparency and legislative oversight that distinguishes it from private family offices or endowments. In-state loan programs and the proposed strategic Bitcoin reserve further embed local policy objectives into the investment mandate.