The partition function of the minimal model CFT is computed in the large N ’t Hooft limit and compared to the spectrum of the proposed holographic dual, a 3d higher spin gravity theory coupled to massive scalar fields. At finite N , the CFT contains additional light states that are not visible in the perturbative gravity theory. We carefully define the large N limit, and give evidence that, at N  = ∞, the additional states become null and decouple from all correlation functions. The surviving states are shown to match precisely (for all values of the ’t Hooft coupling) with the spectrum of the higher spin gravity theory. The agreement between bulk and boundary is partially explained by symmetry considerations involving the conjectured equivalence between the algebra in the large N limit and the higher spin algebra of the Vasiliev theory.