About
50 South Capital operates the North Dakota Growth Fund, a state-backed investment vehicle designed to catalyze venture capital activity across North Dakota. The fund makes targeted investments in venture capital, private credit including venture debt, private equity, and growth equity opportunities in companies and funds either based in North Dakota or possessing significant operational presence in the state. According to the fund's 2023 year-end report, NDGF and its recipient funds have deployed capital across 14 North Dakota companies, totaling $136.49 million in combined investments. The fund maintains a minimum fund size requirement of $10 million for North Dakota venture capital firms with physical presence in the state, and $25 million for out-of-state firms, reflecting a commitment to supporting both emerging and established investment managers. The fund operates on a targeted five-year initial investment period and has pledged $89 million to benefit North Dakota companies as of mid-2023. Eligibility criteria require that venture capital firms have at least one member of the investment team physically located in North Dakota. The investment thesis emphasizes supporting determined entrepreneurs and high-growth opportunities within the state's ecosystem. While most Growth Fund capital flows through intermediary funds rather than directly to portfolio companies, the structure enables diversified exposure across multiple investment stages and sectors. The fund serves as a critical conduit for institutional capital into a regional market, complementing North Dakota's broader venture infrastructure that includes student-run funds, angel networks, and specialized programs like the Wonder Fund North Dakota.