Pension Funds in the US

The North Dakota State Investment Board (SIB) was established by the state Legislature in 1963 and is statutorily responsible for the investment programs of multiple public funds, including the Legacy Fund, the Teachers’ Fund for Retirement, the Public Employees Retirement System, Workforce Safety & Insurance, and other trust accounts. It administers these funds under the prudent investor rule to balance safety, income, and long‑term growth. SIB functions through the Retirement and Investment Office (RIO), which implements investment policy, asset allocation, manager oversight, and performance reporting. RIO ensures transparency and accountability by publishing monthly and annual investment performance reports. Under a 2021 in‑state investment initiative, SIB allocates portions of Legacy Fund assets to North Dakota‑focused private equity (via the North Dakota Growth Fund managed by 50 South Capital), real asset opportunities with GCM Grosvenor, and fixed‑income match‑loan and infrastructure programs through the Bank of North Dakota. These efforts support local economic development while seeking strong risk‑adjusted returns.