Pipeline project leads list for North Dakota’s new infrastructure investment program
North Dakota may soon make its first in-state infrastructure investment from the state’s $13 billion Legacy Fund, with a decision expected in early 2026, North Dakota Monitor reported. The investment would support a proposed natural gas pipeline designed to move Bakken gas to central North Dakota and supply Rainbow Energy’s planned industrial park.
The state has allocated $150 million for the new North Dakota Real Assets Fund, created to back “asset-based” projects such as pipelines, real estate, and agricultural facilities. The fund is managed independently by GCM Grosvenor, which plans to deploy roughly $50 million over the next three years in $10–$25 million increments. Lawmakers were briefed that four projects are under early review, with two—both energy-sector pipelines—most likely to receive funding.
The leading candidate is a natural gas pipeline proposed by Intensity Infrastructure Partners linking McKenzie County to Rainbow Energy's industrial development. According to North Dakota Monitor, a second opportunity involves new crude oil and gas gathering lines in the Bakken. GCM Grosvenor says it is targeting projects that are construction-ready and where state dollars represent only a small share of total financing, aiming to leverage additional private capital.
State officials emphasized that political influence is intentionally excluded from investment decisions. Under statute, GCM Grosvenor has full autonomy to evaluate, approve, or reject projects based on internal due diligence and investment policy guardrails. The state’s only recourse if dissatisfied is to terminate the manager.
The Intensity pipeline is the furthest along in review, with a final decision expected in early 2026. The project’s appeal, according to GCM Grosvenor, lies in its advanced development stage and anticipated long-term cash flow once operational. The firm is also evaluating refinery, housing, and other infrastructure opportunities, though no investments have been finalized.
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