The North Dakota Retirement and Investment Office (RIO) has taken a decisive step toward openness by publishing an interactive portal that details the state’s Legacy Fund. Accessible at legacyfund.nd.gov, the site invites anyone to examine the origins, governance, holdings and fiscal influence of a sovereign wealth fund now worth over $15 billion.
Origins and purpose of the Legacy Fund
Created through a 2010 constitutional amendment, the sovereign wealth fund captures 30% of North Dakota’s oil and gas production and extraction tax revenues. The intent is to preserve and grow this windfall for future generations while allowing a portion of earnings to be appropriated for state needs. Over a decade, the fund has amassed a diversified portfolio of equities, fixed income, real estate and alternative assets, positioning it as a cornerstone of the state’s long-term financial stability.
Features of the new transparency portal
The website offers a suite of tools designed for both casual observers and serious analysts. A dynamic world map lets users click on any country to reveal the Fund’s holdings in that jurisdiction. Filters enable sorting by asset class (e.g., equities, bonds, private equity) and by sector (such as energy, technology, health care). A searchable list allows lookup of individual company names, and all data can be downloaded for offline review. Additional sections walk visitors through a historical timeline, explain the In-State Investment Program and provide up-to-date news releases, performance reports and financial statements.
Governance, legislative oversight and the law behind the site
The State Investment Board (SIB) holds fiduciary responsibility for the Fund’s investment decisions, while RIO furnishes the necessary investment services. Policy recommendations flow from the Legacy and Budget Stabilization Fund Advisory Board. Ultimately, the Legislature decides how earnings are appropriated through the budgeting process. The portal itself stems from House Bill 1319, passed in the 2025 session and sponsored by Representatives Bernie Satrom, Mitch Ostlie and Senator Cole Conley. The bill mandates that the SIB maintain a publicly accessible site that lists every investment, a requirement now fulfilled.
Technology partners and future outlook
To bring the vision to life, RIO conducted a competitive procurement and selected Tactis LLC, a Maryland-based digital-engineering firm, to design, build and manage the platform. Local North Dakota company Devii serves as subcontractor, supplying the data platform that aggregates, cleans and formats holdings for publication. By combining national technical expertise with in-state data stewardship, the portal aims to remain a reliable, up-to-date source for taxpayers, policymakers and investors alike. RIO Executive Director Jodi A. Smith emphasized that “the Legacy Fund is an important part of North Dakota’s financial future, and transparency helps the public understand how it is managed.” The launch marks a milestone in the state’s commitment to fiscal openness and responsible stewardship of its natural-resource wealth.
