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Grosvenor, 50 South outline in‑state pipeline; committee debates IPS limits and pooling for state funds
Summary
GCM Grosvenor and 50 South Capital presented in‑state infrastructure and private‑equity pipelines to the Legacy Fund Advisory Committee and RIO staff and committee members debated whether the current in‑state investment policy should be revised to permit larger, single‑asset projects and how wider pooling of client accounts should proceed.
Two external managers and RIO staff used the committee meeting to update the Legacy Fund Advisory Committee on in‑state investment activity and on how the state is structuring its in‑state programs.
GCM Grosvenor presentation: Steven Brewster, Scott Littman and Michael Rose of GCM Grosvenor reviewed the firm’s existing relationship with the State Investment Board, the performance of the firm’s Critical Infrastructure Solutions (CIS) funds and an early pipeline of North Dakota‑focused infrastructure opportunities. Grosvenor reminded the committee that the Legacy Fund previously committed $75 million to CIS2 and $105 million to CIS3; CIS2 is in wind‑down with distributions already sent back to the state and CIS3 is still deploying capital. The firm said the newly launched North Dakota Real Assets Fund had a $150 million commitment from the Legacy Fund but had not yet put capital to work as of the June 30 reporting date.
Grosvenor described a pipeline that includes two midstream energy projects — identified in the presentation as Project Lion (long‑haul pipeline) and…
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