North Dakota State Investment Board, Bismarck, authorized SEI Investments, its small-cap equity manager of managers, to invest up to 60% of its $260 million mandate in alternative investments, most likely a portable alpha strategy, according to Executive Director Steve Cochrane. The pension trust totals $3.6 billion.
Separately, the fund committed $25 million to Corsair III, a private equity fund. Funding will come from cash. The search was handled internally.
