Overview
The Legacy Fund was created by a North Dakota constitutional amendment initiated by the state legislature and approved by voters. The State Investment Board administers it, and 30% of taxes on petroleum produced and extracted in North Dakota are transferred to it monthly.1
North Dakota Legacy Fund's investment capital supports sovereign or public-sector financial objectives.1
Investment program
- Estimated AUM
- $15B as of May 31, 20261
- Capital pool
- state-owned permanent/stabilization fund (sovereign wealth fund funded by oil and gas extraction tax revenue)1
- Investment model
- The State Investment Board establishes criteria and makes decisions about hiring, retaining, and terminating money managers, while RIO administers the investment program. The policy also requires in-state equity investments to be managed by qualified firms, financial institutions, or equity funds.2
- Investment approach
- The Legacy and Budget Stabilization Fund Advisory Board serves as the client board and determines the asset allocation.1
- Spending support
- Not listed yet
- Spending policy
- Not listed yet
- Asset allocation
- Public evidence references these asset classes or allocation areas: infrastructure, fixed income.1
- Performance
- Not listed yet
- Governance
- The State Investment Board (SIB) is responsible for administration of the fund.1
- Investment team
- RIO's executive team lists Jodi Smith as Executive Director, Scott Anderson as Chief Investment Officer, Adam Otteson as Chief Financial/Operating Officer, and Chase Kauffeld as Chief Retirement Officer.3
- Unfunded commitments
- Not listed yet
- Source freshness
- Last verified Jul 21, 2026 · Needs review
Sources
Last verified Jul 21, 2026 from public career and organization materials.
Fact notes
- Website (rio.nd.gov)Parent organization overview, Pool purpose, Capital pool, Estimated AUM, Investment approach, Asset allocation, Governance · checked Aug 6, 2026
- Annual report (rio.nd.gov)Investment model · checked Aug 6, 2026
- Website (rio.nd.gov)Investment team · checked Aug 6, 2026
- Website (rio.nd.gov)Investment office page · checked Jul 25, 2026
Reports and filings
- The State Investment Board establishes criteria and makes decisions about hiring, retaining, and terminating money managers, while RIO administers the investment program. The policy also requires in-state equity investments to be managed by qualified firms, financial institutions, or equity funds.Annual report · checked Aug 6, 2026
Profile and job sources
- Website (rio.nd.gov)Website · checked Jul 25, 2026
- Website (rio.nd.gov)Website · checked Jul 25, 2026
- Website (rio.nd.gov)Website · checked Jul 25, 2026
- Website (rio.nd.gov)Website · checked Aug 6, 2026
- Primary job/profile sourceJob posting · checked Jul 21, 2026