S.D. Codified Laws § 58-27-111
Notwithstanding direct investment limitations applicable to real estate, securities, and other assets as provided in this chapter, an insurer may become a limited partner in a limited partnership or invest in a joint venture with equity interests in real estate, securities, or other assets. Investments made under this section are treated as a permitted investment under §§ 58-27-51, 58-27-51.1, and 58-27-51.2, and within the limitations imposed by those sections. An insurer may not invest more than five percent of its admitted assets in any one limited partnership or joint venture. Determination of the amount an insurer has invested in limited partnerships or joint ventures for the purposes of this section shall be based on the cost of such investments to the insurer. Any investment satisfying the provisions of this section and entered into before July 1, 1997, is hereby ratified.
SDCL 58-27-111