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New Mexico Land Grant Permanent Fund

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New Mexico Land Grant Permanent Fund
Company typeSovereign wealth fund
IndustryInstitutional investor
Founded1912
FounderGovernment of New Mexico
Key people
AUM$28.65 billion
OwnerNew Mexico
Websitehttps://www.sic.state.nm.us/

The New Mexico Land Grant Permanent Fund (LGPF) is a sovereign wealth fund that provides revenues to New Mexico's public schools and universities, among other special beneficiaries.[1] Its assets include mineral rights throughout the state.[2] It is one of the largest sovereign wealth funds in the United States, managing more than $28.65 billion in total assets.[3] It is the largest of New Mexico's sovereign wealth funds.[4][5]

Management

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The fund is managed by the New Mexico State Investment Council.[6] The council is made up of certain members of the Government of New Mexico, who serve on an ex-officio basis, and public members appointed alternately by the Governor of New Mexico and New Mexico Legislature. Public members serve for five years and must be confirmed by the New Mexico Senate. Members may be re-appointed if the governor or legislature decide to do so,[7]

Members of the New Mexico State Investment Council as of April 11, 2024[7]
Name Position Term
Michelle Lujan Grisham Chair; Governor of New Mexico Ex Officio
Stephanie Garcia Richard Vice Chair; New Mexico State Land Commissioner Ex Officio
Laura Montoya Treasurer of New Mexico Ex Officio
Wayne Propst Secretary for the New Mexico Department of Finance and Administration Ex Officio
Nicholas Telles Vice President of Finance, Santa Fe Community College Ex Officio[a]
Catherine Allen Public Member; Legislative Appointee 2021–2025
John Bingaman Public Member; Governor Appointee 2021–2026
Dr. Kelly O'Donnell Public Member; Legislative Appointee 2023–2028
L. Michael Messina Public Member; Governor Appointee 2019–2024
Allen Sánchez Public Member; Legislative Appointee 2023–2028
Kurt A. Sommer Public Member; Legislative Appointee 2022–2027

History

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In 1893, the government of the United States passed the Ferguson Act, giving the New Mexico Territory lands meant to support New Mexico's schools and universities. While New Mexico had not yet joined the union, the Ferguson Act and the Enabling Act of 1910 were passed in anticipation of New Mexico's scheduled accession in 1912.[8]

Reform

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Invest in Kids Now has called for the state to increase the fund's distribution to 7% to fund early-childhood education programs, particularly focusing on literacy; New Mexico ranks 50th in reading proficiency in the United States.[9][10][11] In 2022, voters approved a constitutional amendment requiring a 1.25% distribution from the fund to provide early childhood education.[12][13] The amendment passed by more than 70%.[14]

Notes

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  1. ^ The council is required to have among its members the CFO of a state institution of higher education.[7]

References

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  1. ^ "Land Grant Permanent Fund". New Mexico State Investment Council. Retrieved 2024-04-12.
  2. ^ Williams, Amy (Summer 2008). "New Mexico's Land Grant and Severance Tax Permanent Funds: Renewable Wealth from Non-Renewable Resources". Natural Resources Journal. 48 (3): 719–743 – via JSTOR.
  3. ^ MossAdams (June 30, 2023). "Report of Independent Auditors and Financial Statements with Supplementary Information". SIC Annual Audit Reports. Retrieved April 11, 2024.
  4. ^ Chief, Dan Boyd / Journal Capitol Bureau (2023-04-25). "NM permanent funds are more flush than ever — and still growing — amid revenue windfall". Albuquerque Journal. Retrieved 2024-04-12.
  5. ^ Prokop, Danielle (2023-12-22). "N.M. State Land Office raises record revenues • Source New Mexico". Source New Mexico. Retrieved 2024-04-12.
  6. ^ Rubel, Walt (2020-12-26). "The History Of New Mexico's Permanent Fund". KRWG Public Media. Retrieved 2024-04-12.
  7. ^ a b c "Council Members". New Mexico State Investment Council. Retrieved 2024-04-12.
  8. ^ "History". New Mexico State Investment Council. Retrieved 2024-04-12.
  9. ^ "NAEP Reading: State Achievement-Level Results". www.nationsreportcard.gov. Retrieved 2024-04-12.
  10. ^ Invest in Kids Now. "How the Land Grant Permanent Fund Works" (PDF). Invest in Kids Now. Retrieved 11 April 2024.
  11. ^ "Permanent Funding for Early Childhood". Invest in Kids Now!. Retrieved 2024-04-12.
  12. ^ "The New Mexico Secretary of State's 2022 General Election Voter Guide: Proposed Constitutional Amendments, General Obligation Bonds & General Information About Voting in New Mexico" (PDF). October 2022. Retrieved 11 April 2024.
  13. ^ "New Mexico Constitutional Amendment 1, Land Grant Permanent Fund Distribution for Early Childhood Education Amendment (2022)". Ballotpedia. Retrieved 2024-04-12.
  14. ^ Candelaria, Esteban (2022-11-08). "Voters approve amendment to spend more money on early childhood education". Albuquerque Journal. Retrieved 2024-04-12.
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