Empower Retirement currently provides record keeping, trust and custody services for the deferred compensation plan.
The plan received five proposals in response to a fiduciary consultant RFP issued in January.
The senior investment analyst of private markets will identify strategic and tactical opportunities to enhance the North Dakota State Investment Board’s portfolios.
The proposed transaction is expected to close in mid-2025.
The retirement plan replaced its domestic core-plus fixed-income manager following a bond manager review in May.
The fund has already committed $9 billion in capital to over 165 companies to date.
The private equity firm added two new associates this month.
The pension plan hired two equity managers and replaced its existing money market manager in the second quarter.
The deferred compensation plan replaced its intermediate fixed-income manager in February due to personnel changes.