Key Takeaways
- • North Dakota's Retirement and Investment Office (RIO) launched legacyfund.nd.gov, a public site detailing the Legacy Fund's investments and performance, built by Washington, D.C.-based Tactis with Fargo-based Devii as local subcontractor under a five-year maintenance contract.
- • The Legacy Fund, a sovereign wealth fund created by a 2010 constitutional amendment and financed by 30% of the state's oil and gas production and extraction tax, is valued at just over $15 billion as of summer 2025.
- • According to the site, $3.89 billion, or 26% of holdings, sits in pooled, multiregion commingled vehicles not assigned to any country, and the underlying holdings of those funds remain undisclosed.
- • Rep. Bernie Satrom, primary sponsor of 2025 House Bill 1319, says the site largely repackages information previously obtained through open records requests and does not meet the bill's transparency goal.
- • Attorney General Drew Wrigley sided with the RIO that it is not legally required under open records law to create a record of commingled fund country exposure; Satrom says he will revisit the policy in the 2027 legislative session.
Summary
The North Dakota Retirement and Investment Office has launched a new website detailing the investments and performance of the Legacy Fund, the state's sovereign wealth fund. The site, legacyfund.nd.gov, includes a history of the fund, growth data over time, a breakdown of the in-state investment program, and an interactive world map allowing users to explore holdings by country. Users can filter investments by asset class and sector, search by company name, and download the data, according to the Jamestown Sun's report, which was also carried by InForum.
The Legacy Fund was established by a constitutional amendment in 2010 and is financed by 30% of the state's oil and gas production and extraction tax. The site was designed by Tactis, a Washington, D.C.-based firm selected through competitive bidding, with Fargo-based Devii handling the back-end data platform. The two companies hold a five-year contract to maintain the site.
Gov. Kelly Armstrong praised the platform, saying it provides enough detail to avoid being superficial while allowing users to drill down by region, country and investment type. Rep. Bernie Satrom, R-Jamestown, the primary sponsor of House Bill 1319 passed in the 2025 session, disputes that the site meets the bill's goal. He said much of the information was already obtained through open records requests and asked whether the state is any closer to knowing where its money is invested after spending hundreds of thousands of dollars.
According to the website, $11.17 billion, or 74% of holdings, is assigned to a country, while $3.89 billion, or 26%, is held in pooled multiregion vehicles not assigned to any country. The RIO has said commingled funds let it leverage less capital for greater returns, but the managing company is disclosed while underlying holdings are not. Satrom called the unassigned share roughly one in five dollars beyond public view. The Jamestown Sun previously sought country-level records for commingled investments and was told no such record exists; Attorney General Drew Wrigley subsequently sided with the RIO, finding the office has no obligation under open records law to create one.
Satrom also raised concerns that the fund may still hold Russian government debt or companies tied to the Chinese military. The Forum of Fargo-Moorhead reported in 2022 that the Legacy Fund had $8.5 million in investments with Russian ties, part of $44 million in total state investments with such ties. Armstrong said he would like to see commingled investments reduced over time but does not want to forgo opportunities, and Rep. Jonathan Warrey, R-Casselton, said a balance is needed. Satrom plans to revisit the commingled funds policy in the 2027 legislative session.
The Legacy Fund was established by a constitutional amendment in 2010 and is financed by 30% of the state's oil and gas production and extraction tax. The site was designed by Tactis, a Washington, D.C.-based firm selected through competitive bidding, with Fargo-based Devii handling the back-end data platform. The two companies hold a five-year contract to maintain the site.
Gov. Kelly Armstrong praised the platform, saying it provides enough detail to avoid being superficial while allowing users to drill down by region, country and investment type. Rep. Bernie Satrom, R-Jamestown, the primary sponsor of House Bill 1319 passed in the 2025 session, disputes that the site meets the bill's goal. He said much of the information was already obtained through open records requests and asked whether the state is any closer to knowing where its money is invested after spending hundreds of thousands of dollars.
According to the website, $11.17 billion, or 74% of holdings, is assigned to a country, while $3.89 billion, or 26%, is held in pooled multiregion vehicles not assigned to any country. The RIO has said commingled funds let it leverage less capital for greater returns, but the managing company is disclosed while underlying holdings are not. Satrom called the unassigned share roughly one in five dollars beyond public view. The Jamestown Sun previously sought country-level records for commingled investments and was told no such record exists; Attorney General Drew Wrigley subsequently sided with the RIO, finding the office has no obligation under open records law to create one.
Satrom also raised concerns that the fund may still hold Russian government debt or companies tied to the Chinese military. The Forum of Fargo-Moorhead reported in 2022 that the Legacy Fund had $8.5 million in investments with Russian ties, part of $44 million in total state investments with such ties. Armstrong said he would like to see commingled investments reduced over time but does not want to forgo opportunities, and Rep. Jonathan Warrey, R-Casselton, said a balance is needed. Satrom plans to revisit the commingled funds policy in the 2027 legislative session.
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