Legacy Fund investments making great progress

When I ran for Treasurer in 2020 we had yet to invest any portion of the Legacy Fund into North Dakota. The earnings were available and the legislature was spending those on various projects across the state, but there was no investment strategy to put the principal to work.

We’ve changed that.

Working with our legislative leaders, and alongside Commissioner Godfread, Lt. Gov. Sanford, Lt. Gov. Miller and Gov. Burgum, we have been able to make great strides in putting that fund to work in North Dakota.

As of Dec. 31, 2023, More than $395 million in Legacy Fund assets have been invested into our great state. These aren’t grants, these are loans that will be paid back, or equity investments that give us a piece of the pie. This is 30% of the way through fulfilling the commitment of $1.3 billion in North Dakota investments, which would be by far the largest in-state investment program in the nation.

And these programs have made a critical impact on our state already. In 2022 we were able to assist with a $150 million financing package to save Coal Creek Station in central North Dakota, saving the baseload energy capacity for our residents, protecting hundreds of jobs, and striking a blow at the ESG machine that has tried to debank our fossil fuel sector.

The equity investment program is being managed by 50 South Capital, with an office in Fargo. Their report on the equity investments that they’ve made can be found here.

We have made tremendous progress in a short amount of time, but there is a lot more work to do and I’m committed to growing this program to the benefit of all North Dakotans.

Thomas Beadle

Read the press release from the Retirement and Investment Office here:

https://www.rio.nd.gov/news/more-395-million-legacy-fund-invested-north-dakota