Five years ago, North Dakota leaders made a decision about the state’s economic future.
While North Dakota had strong legacy industries, talented entrepreneurs, and a growing startup ecosystem, one key ingredient was still limited: access to long-term private capital.
That challenge led state legislators to create the North Dakota Growth Fund, an in-state private equity investment program as part of the North Dakota Legacy Fund. Managed by 50 South Capital, the alternative investment manager of Northern Trust, the program is designed to attract more investment activity to North Dakota and seek long-term returns for the state.
At its core, the idea is to help more North Dakota businesses connect with the capital, expertise, and investor relationships they need to grow.
The North Dakota Growth Fund invests in venture capital, private equity, and private credit managers that bring capital, industry knowledge, and strategic relationships to North Dakota businesses. The program can also co-invest directly alongside those managers in North Dakota-based companies.
Today, the North Dakota Growth Fund is a $250 million program. Through its investment partnerships and co-investments, it has helped support more than 25 North Dakota companies.
Access to capital has long been one of the biggest challenges for entrepreneurs in the state. Many founders can build strong businesses, prove demand, and reach a point of meaningful traction. But when the next stage of growth requires outside investment, historically, there have been fewer venture capital and private equity firms with a regular presence in the region.
The North Dakota Growth Fund is helping close that gap.
By partnering with experienced investment managers, the program is bringing more visibility and stronger investor networks to North Dakota businesses. It is also helping build a more active private capital market inside the state that can support companies at different stages of growth and across a range of industries.
North Dakota’s opportunity is rooted in sectors it already knows well, like agriculture, energy, healthcare, logistics, and manufacturing. As those industries become more technology-driven, North Dakota entrepreneurs are creating new opportunities in automation, software development, data, operational efficiency, and advanced business services.
That is beginning to show up in the kinds of companies growing across the state.
Detect Auto uses technology to improve processes in auto service shops. Tugboat helps people manage insurance claims. FarmQA provides digital tools that help agronomists deliver data-driven recommendations. OAIL develops technology solutions for energy operations. Consumer brands like 3 Farm Daughters bring North Dakota-grown products to grocery shelves nationwide.
