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GCM Grosvenor outlines in‑state infrastructure pipeline, says early projects include long‑haul pipeline and gathering assets
Summary
GCM Grosvenor described an in‑state infrastructure program for the Legacy Fund, outlined potential investments (including code‑named Project Lion and Project Speaker), and warned that large single-asset investments raise valuation, liquidity and concentration risks.
GCM Grosvenor representatives told the Legacy Fund Advisory Committee they have launched an in‑state infrastructure program for North Dakota and are building a pipeline of opportunities they expect to present for due diligence through 2026.
Steven Brewster, client relationship lead, and managing directors Scott Littman and Michael Rose described the firm’s history with the Legacy Fund and the new North Dakota program. Scott Littman said the firm has sourced thousands of deals and typically invests via funds and direct assets; Michael Rose said the firm’s regional, state‑focused programs have ranged across private equity and infrastructure in other states.
Grosvenor outlined several early targets for North Dakota. Littman described two energy‑sector opportunities sourced by an infrastructure…
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