North Dakota State Investment Board, Bismarck, committed up to $105 million to an infrastructure fund managed by Grosvenor Capital Management, pending contract negotiations and legal review, said David Hunter, executive director and chief investment officer, in an e-mail.
Up to $30 million was committed on behalf of the state investment board’s pension pool and up to $75 million on behalf of the board’s insurance pool.
The board oversees $9.4 billion in assets — $4.7 billion in pension assets and $4.7 billion in insurance assets.
The $4.7 billion pension pool has a 5% target allocation to infrastructure.
Separately, the board hired Northern Trust to provide securities lending services, Mr. Hunter wrote. Northern Trust is currently the board’s custodian. The board did not previously have a securities lending provider.