North Dakota Growth Fund: $150 Million Commitment Received

By Amit Chowdhry ● Aug 6, 2025

50 South Capital Advisors, general partner of the North Dakota Growth Fund (NDGF) and an investment manager at Northern Trust Asset Management, has secured a $150 million commitment from the North Dakota Legacy Fund.

This funding aims to support the state’s entrepreneurial ecosystem through private equity and venture capital investments with strong risk-adjusted return potential.

With this support, 50 South Capital announces investments in M25 and Broadwater Capital. M25 is an early-stage venture firm focused on tech startups in the Midwest, having invested in over 150 companies since 2015, including Bismarck’s Pavewise and Fargo’s Chipp. The firm also hosts events to help startups connect with investors and talent.

Broadwater Capital, based in Fargo, targets mature companies in the lower middle market across various sectors, including agribusiness, consumer products, and technology.

To date, the NDGF has invested $111.5 million, diversifying its investments across various stages and strategies.

As of December 31, 2024, over 35 North Dakota companies have benefited from NDGF investments, including businesses in Grand Forks, Minot, Bismarck, Williston, and Fargo, across various sectors such as manufacturing, energy, healthcare, and technology.

KEY QUOTE:

“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

 

 

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