New Mexico State Investment Council
|United States – New Mexico||US$ 19.8 Billion||Origin: Oil & Gas*|
Transparency Rating: 9
View Sovereign Fund Transaction Data
|Firm Investment Style: Mixed
Entity Structure: Fund
Historical Assets Under Management on Land Grant Permanent Fund[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
The trust is broken down into three funds:
The Land Grant Permanent Fund (LGPF) is New Mexico’s largest endowment and permanent fund. It was established through, and continues to be maintained in part by leasing fees the State charges for 13.4 million acres of mineral resources and 8.8 million acres of surface land. The State Investment Council manages day to day operations of the Land Grant Permanent Fund, including investments and distributions.
The Severance Tax Permanent Fund (STPF) was established by the legislature as an endowment fund in 1973, to receive severance taxes collected on natural resources extracted from New Mexico lands. The State?s severance taxes have historically been used to retire debt from bond issues that have funded various capital projects.
Currently, severance tax revenues first pay the required debt service on severance tax bonds issued by the state, and the remaining (approximately 5% or less – historically it was 12.5%) severance tax receipts are then transferred to the Severance Tax Permanent Fund. The STPF is now a broadly diversified permanent fund, and except for its Economically Targeted Investment, the STPF investment statutes and asset allocations are essentially the same as those in the LGPF.
The Tobacco Settlement Permanent Fund (TSPF) was created in 2000 as part of the Master Settlement Agreement between New Mexico, other states and big tobacco companies.
Water Trust Permanent Fund