North Dakota State Investment Board, Bismarck, named 50 South Capital, GCM Grosvenor and Sun Mountain Capital as finalists to run up to $240 million in an in-state investment program for the $8.2 billion Legacy Trust Fund, said David J. Hunter, executive director and chief investment officer of the North Dakota Retirement & Investment Office.
The board will further narrow the field to the top two candidates at its April 23 meeting, Mr. Hunter said.
Earlier in 2021, the board created a new target allocation of 3% to private capital with a focus on in-state investments for the legacy fund, an endowment fund for oil and gas tax revenue. It was funded by slight drops in the targets to broad domestic equities to 28% from 30% and broad international equities to 19% from 20%.
Investment consultant Callan is assisting.