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North Dakota Teachers' Fund for Retirement
The North Dakota Teachers' Fund for Retirement (TFFR) was established by the state legislature in 1913 to provide pension benefits for North Dakota's public...
North Dakota Teachers' Fund for Retirement
The North Dakota Teachers' Fund for Retirement (TFFR) was established by the state legislature in 1913 to provide pension benefits for North Dakota's public school educators. It operates under the governance of the North Dakota Retirement and Investment Office (RIO), which consolidates investment management for TFFR and other state retirement plans. Jodi Smith serves as RIO's Executive Director, while Scott Anderson holds the Chief Investment Officer role, executing policy set by a board that includes State Treasurer Thomas Beadle. The fund pursues a diversified strategy that includes allocations to private real estate, infrastructure, and venture capital. Its real estate exposure is globally distributed: Invesco Core Real Estate - U.S.A. and Invesco U.S. Value-Add Fund IV provide domestic exposure, Invesco Asia Real Estate Fund III targets the Asia-Pacific region, and JP Morgan Greater Europe Opportunistic Property Fund covers European markets. Infrastructure commitments include Macquarie Infrastructure Partners V and JP Morgan Infrastructure Investments Fund, alongside Grosvenor Customized Infrastructure Strategies III. The fund also invests in venture capital, building early-stage exposure as part of its broader alternatives program. The Retirement and Investment Office earned recognition from the Government Finance Officers Association for excellence in financial reporting and from the Public Pension Coordinating Council for its funding and administrative practices. TFFR participates in Climate Action 100+ through its contracted asset managers, integrating environmental stewardship into its investment oversight without direct activist engagement. The fund maintains a lean operational footprint in Bismarck, relying on external managers for day-to-day asset-level execution across its global portfolio. TFFR's architecture reflects the consolidated investment model North Dakota adopted for its state retirement systems, pooling assets under a single investment office rather than operating separate investment staffs for each plan. This structure allows the fund to access institutional-quality real-asset and private-market vehicles that would be difficult to diligence individually, while maintaining a governance framework accountable to educators and state officials in Bismarck.
General information
Firm type
Pension Fund
Year founded
1913
Location
Region
North America
Country
United States
City
Bismarck
Corporate office
Bismarck, ND, United States
Principals
Scott Anderson
Chief Investment Officer, North Dakota Retirement and Investment Office
Jodi Smith
Executive Director, North Dakota Retirement and Investment Office
Thomas Beadle
North Dakota State Treasurer, Ex Officio Board Member
Sector focus
Frequently asked questions
Who runs investment decisions at the North Dakota Teachers' Fund for Retirement?
Day-to-day investment management is handled by the North Dakota Retirement and Investment Office (RIO) under CIO Scott Anderson. The TFFR Board of Trustees sets policy and includes State Treasurer Thomas Beadle as an ex officio member. Jodi Smith serves as RIO's Executive Director, responsible for overall administration.
How does TFFR access private markets given its modest size relative to large coastal pension funds?
TFFR invests through pooled fund vehicles managed by large institutional managers — including Invesco, JP Morgan, and Macquarie — rather than building a large internal direct-investment team. This consolidated approach gives it access to institutional-quality real estate, infrastructure, and venture funds without the staffing overhead of a direct program.
What is TFFR's real estate investment strategy?
The fund's real estate portfolio is globally diversified across core, value-add, and opportunistic strategies. Known commitments include Invesco Core Real Estate - U.S.A., Invesco U.S. Value-Add Fund IV, Invesco Asia Real Estate Fund III, and two JP Morgan vehicles: Strategic & Special Situation Property Blend and Greater Europe Opportunistic Property Fund. The strategy spans North America, Europe, and Asia-Pacific.
Does TFFR invest directly in infrastructure projects or through funds?
TFFR accesses infrastructure through commingled fund vehicles. Known commitments include Macquarie Infrastructure Partners V, JP Morgan Infrastructure Investments Fund, and Grosvenor Customized Infrastructure Strategies III. There is no public evidence of direct infrastructure investments outside these fund structures.
How is TFFR governed and how does its board operate?
TFFR is governed by a Board of Trustees that includes appointees and ex officio members including the State Treasurer. The board oversees policy and funding, while the North Dakota Retirement and Investment Office — a consolidated state investment office — executes investment strategy. The board has earned recognition from the Public Pension Coordinating Council for funding and administrative standards.
Does TFFR engage in co-investments alongside its fund managers?
Altss research has not identified publicly disclosed co-investment activity. The fund's known structure — primarily pooled fund commitments across real estate and infrastructure — suggests it typically invests through commingled vehicles rather than direct co-investment or separate accounts alongside those managers.
What is TFFR's connection to Climate Action 100+ and ESG efforts?
TFFR participates in Climate Action 100+ indirectly through its contracted asset management companies. The arrangement reflects a delegated engagement model where the fund's external managers carry out stewardship activities, rather than TFFR operating a standalone ESG or engagement team in Bismarck.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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