New Mexico Land Grant Permanent Fund
Sovereign wealth fund in New Mexico
From Wikipedia, the free encyclopedia
The New Mexico Land Grant Permanent Fund (LGPF) is a permanent 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 permanent funds in the United States, managing more than $28.65 billion in total assets.[3] It is the largest of New Mexico's four permanent funds.[4][5]
| Type | Sovereign wealth fund |
|---|---|
| Industry | Institutional investor |
| Founded | 1912 |
| Founder | Government of New Mexico |
| Key people |
|
| AUM | $28.65 billion |
| Owner | New Mexico |
| Website | https://www.sic.state.nm.us/ |
Management
The fund is managed by New Mexico's State Investment Council, an independent state agency which functions as a sovereign wealth fund.[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]
| 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
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
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]