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State commits $250 million to 50 South growth fund; SIB negotiating separate infrastructure manager
Summary
The State Investment Board and Retirement and Investment Office reported a $250 million commitment to 50 South's growth fund and said negotiations are ongoing for a separate 'fund of one' infrastructure manager intended for in‑state investments.
Scott Anderson, Chief Investment Officer, told the Advisory Board the State Investment Board approved a $250 million commitment to 50 South; $100 million had been committed previously and the office recently committed another $150 million.
Anderson said, “we committed $100,000,000 to them and we more recently committed another $150,000,000 to 50 South.” He added the investment management agreement with 50 South was renegotiated for lower fees; the office will pay fees on the additional capital only as the manager calls capital.
Why it matters
The in‑state program is intended to direct a portion of the Legacy Fund into North Dakota businesses and projects. Anderson said about $111 million of the $250 million commitment had been paid in by the state and that, as of February reporting, roughly $66 million had been invested in portfolio companies; he received updated figures from 50 South indicating about $76 million had been invested by the time of presentation.
Other in‑state vehicles and negotiations
Anderson reviewed other statutorily created in‑state allocations. He said the Infrastructure Loan Fund carried a $150 million legislative allocation, of which roughly $92 million had been called and invested. He noted the BND match program balance and that some commitments remain uncalled and therefore remain invested in the plan’s liquid pools until called.
Separately, the office reported it is negotiating a fund‑of‑one infrastructure manager intended to pursue infrastructure-type investments (data centers, pipelines, late‑stage projects). Anderson said negotiations have been longer than anticipated and one issue remained outstanding; he declined to name the manager before a signed agreement. The committee discussed the possibility of a “sidecar” vehicle to handle legislative, large, or nonstandard investments if legislation or opportunities required a separate structure.
Discussion versus decision
No board action was taken at the meeting to approve new commitments beyond the previously announced 50 South commitment. The Board noted the in‑state investments are partially deployed and that further capital will be called over time as managers identify qualifying investments.
