North Dakota Growth Fund Receives Additional $150 Million Commitment and Announces Two New Investments

By: 50 South Capital Advisors, LLC via Business Wire

July 30, 2025 at 11:00 AM EDT

50 South Capital Advisors, LLC (“50 South Capital”), general partner of the North Dakota Growth Fund (NDGF) and global alternatives investment manager of Northern Trust Asset Management, received a commitment of $150 million from the North Dakota Legacy Fund. This commitment will further support the state’s entrepreneurial ecosystem through private equity and venture capital investments that have a strong risk-adjusted return potential and a nexus to the state of North Dakota. With the latest commitment to the NDGF, 50 South Capital is pleased to announce its newest investments in M25 and Broadwater Capital.

M25 is an early-stage venture firm investing solely in tech startups headquartered in the Midwest. Since launching in 2015, M25 has invested in over 150 companies, including Bismarck-based Pavewise and Fargo-based Chipp. M25 has built a robust platform to support companies in the earliest stages of growth, including hosting the M25 Summit and Midwest Startups for companies to engage with additional investors and talent.

Broadwater Capital is an alternative investment firm, established in Fargo, that invests in the lower middle market. The firm focuses on mature companies headquartered in the greater Midwest and invests across sectors including agribusiness, business services, consumer, distribution, light industrials, manufacturing and technology.

To date, the NDGF has invested $111.5 million in funds and co-investments. Fund investments represent diversification across vintages, strategies and stages of investments, including early stage venture capital, growth equity and private equity. As of December 31, 2024, over 35 companies across North Dakota have been impacted by the NDGF. The underlying portfolio represents investments in companies in Grand Forks, Minot, Bismarck, Williston and Fargo across manufacturing, energy, healthcare and technology sectors.

“The commitments to M25 and Broadwater Capital represent the diversification of the NDGF to further support the state’s growing entrepreneurial ecosystem. Both firms share our conviction in the opportunity set in North Dakota, and bring additional expertise and resources to the state. We look forward to supporting more founders as they build and scale companies here in North Dakota,” 50 South Capital Director Kodee Furst said.

More information on the Fund can be found at www.ndgrowthfund.com.

About 50 South Capital Advisors, LLC

50 South Capital Advisors, LLC is an alternatives asset management firm designed to meet the core strategic needs of investors seeking access to private equity, private credit and hedge funds. Its highly experienced team works closely with a wide range of investors to fulfill specific investment objectives and create lasting relationships. 50 South Capital’s investment philosophy focuses on providing access primarily to small-to-mid sized managers that offer unique and differentiated sources of return. 50 South Capital is a wholly owned subsidiary of Northern Trust Corporation. Visit www.50SouthCapital.com for more information.

About Northern Trust Asset Management

Northern Trust Asset Management is a global investment manager that helps investors navigate changing market environments in efforts to realize their long-term objectives. Entrusted with $1.3 trillion in assets under management as of June 30, 2025, we understand that investing ultimately serves a greater purpose and believe investors should be compensated for the risks they take — in all market environments and any investment strategy. That’s why we combine robust capital markets research, expert portfolio construction and comprehensive risk management in an effort to craft innovative and efficient solutions that seek to deliver targeted investment outcomes. As engaged contributors to our communities, we consider it a great privilege to serve our investors and our communities with integrity, respect and transparency.

Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, Northern Trust Asset Management Australia Pty Ltd, and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2025, Northern Trust had assets under custody/administration of US$18.1 trillion, and assets under management of US$1.7 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20250729876185/en/

Contacts

Media Contact:

Joanne Zalatoris

+1 (312) 900-3462

Joanne.Zalatoris@ntrs.com

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North Dakota Growth Fund Receives Additional $150 Million Commitment and Announces Two New Investments

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