SovereignWealthFunds.comNorth Dakota Strategic Investment and Improvements Fund (SIIF)
SIIF: what it invests in
Geography Mainly domestic
SIIF: how big it is, and on what basis
In US dollars: about USD 1.16B. Reported in US dollars.
SIIF: what it publishes
Published 5 · Partly 0 · Not published 5
Our 10 item score. It measures what is public, not how well a fund is run.
- Mineral acresS1
- 758,000
At a glance. North Dakota's Strategic Investment and Improvements Fund collects oil taxes and revenue from 758,000 state-owned mineral acres. Lawmakers use it for one-time spending on infrastructure and better government. Its balance was USD 1.16 billion at 31 January 2026, but nearly all of that was already appropriated or reserved, leaving about USD 84 million uncommitted. S3 S1
Key points
- Total balance USD 1,159.6 million at 31 January 2026 (unaudited). S3
- About USD 1,031.9 million committed by legislative appropriation; USD 43.1 million reserved for title disputes. S3
- Audited balance USD 1,737.4 million at 30 June 2025, up from USD 1,312.9 million. S2
- Oil extraction tax deposits of USD 166.0 million in fiscal 2025. S2
- Once uncommitted money hits USD 300 million, extra deposits go to the Legacy Fund. S1
Interesting facts
Mandate and goals
SIIF pays for one-time projects that improve state infrastructure or make state government more efficient, subject to appropriation by the Legislature. S1
- Fund one-time state infrastructure projects. S1
- Fund initiatives that improve how state government works. S1
- Overflow to the Legacy Fund above a USD 300 million unobligated balance. S1
- Spending rule: Spending only by legislative appropriation; unobligated balance above USD 300 million flows to the Legacy Fund S1
How it invests
| Industries | Infrastructure and utilities. Sector agnostic S1 |
|---|---|
| Asset classes | Fixed income, Cash and money markets S1 |
| Stages | Public markets S1 |
| Geography | Mainly domestic. Spending is in-state; no investment geography published S1 |
| Direct / through funds / co-invest | Not published / Not published / No S1 |
| Ticket size | Not applicable; spending is set by appropriation. S1 |
| External managers | Not published S1 |
| Co-investment programme | None S1 |
Published criteria
- One-time uses only, approved by the Legislature. S1
Past investments
The fund has not published a list of investments.
Case studies
Oil taxes for one-time projects S1 S2
- What: A share of oil and gas tax collections and mineral revenue flows into SIIF, which the Legislature appropriates to projects.
- When: 2011 onward
- Size: USD 166.0M of oil tax deposits in FY2025
- Why: Keep one-off oil money for infrastructure rather than ongoing budgets.
- Outcome: About USD 1.03B was committed to appropriations at January 2026; overflow above USD 300M goes to the Legacy Fund.
Investment process
The Legislature decides spending. The Board of University and School Lands, chaired by the Governor, directs investment, carried out by the Department of Trust Lands under Commissioner Joseph Heringer. S1 S3
| Committee | Role |
|---|---|
| Board of University and School Lands | Chaired by Governor Kelly Armstrong; directs investment S3 |
How to approach: There is no route for outside proposals; spending is set by the Legislature. S1
Size and returns
- Headline size: USD 1.16B (Fund market value, as of 2026-01-31) S3
- In US dollars: about USD 1.16B. Reported in US dollars.
- Audited balance, 30 June 2025: USD 1.74B (Fund market value, as of 2025-06-30) S2
- Uncommitted balance: USD 83.5M (Fund market value, as of 2026-04-30) S3
- Returns: the fund does not publish a return figure.
- Size over time (USD billion): 2024-06 1.313, 2025-06 1.737, 2026-01 1.16 S2 S3
Leadership
Governance and transparency
- Legal basis: North Dakota Century Code 15-08.1-08, created by House Bill 1451 (2011) S1
- Oversight: Board of University and School Lands and the Legislative Assembly S1
- Auditor: Eide Bailly LLP S2
- Balances are published monthly by the State Treasurer. S1
Transparency score: 5.0 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
SIIF is a state appropriations fund with no co-investment or private capital programme. S1
Reports
- Department of Trust Lands financial statements, fiscal 2025: https://www.land.nd.gov/sites/www/files/documents/Financial%20Services/AnnualStatements/Year%20Ended%20June%2030%2C%202025%20(Eide%20Bailly).pdf S2
Common questions
How big is the SIIF?
USD 1.16 billion at 31 January 2026, of which about USD 84 million was uncommitted. S3
What is it for?
One-time state infrastructure and government efficiency projects approved by the Legislature. S1
How does it relate to the Legacy Fund?
Once its unobligated balance reaches USD 300 million, extra deposits flow to the Legacy Fund. S1
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All sovereign wealth funds in North America · All strategic development funds · All funds in United States
Sources
Disclaimer
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