The North Dakota Retirement and Investment Office (ND RIO) manages for the State Treasurer a number of pools of capital, including the Legacy Fund (an oil-sourced SWF) via the State Investment Board (SIB) and the Teachers’ Fund for Retirement (TFFR), which is a PPF. Both funds share the same ED / CIO and structure, even though they have different asset allocation and risk appetites. The Legacy Fund’s AuM alone is projected to be US$ 90 billion by 2039, US$ 150 billion by 2050 and US$ 250 billion by 2060.