Susana Martinez

Steven K. Moise
State Investment Officer

41 Plaza la Prensa
Santa Fe, NM 87507
(505) 476-9500
fax:(505) 424-2510


Investment Fund Structure 

The Investment Office fuctions as a large investment management firm.  The assets of the Land Grant Permanent Fund, the Severance Tax Permanent Fund, the Tobacco Settlement Permanent Fund, the Water Trust Permanent Fund and 19 other state agency clients, are allocated among six operating investment pools. All client agencies are allowed to adjust their asset allocations on an annual basis as desired, and all of the investment funds are available to all of the clients. This policy allows the clients to diversify their assets appropriately.  


Over the last two decades, the Funds have distributed more than $8.5 billion. On average, these annual distributions have accounted for nearly 15% of the State's total yearly operating budget. If the Permanent Funds did not exist, maintaining current levels of government services would cost an average of $1,000 to every household in the state. 

With New Mexicans voting to pass Constitutional Amendment 2 in 2003, distributions from the Land Grant Permanent Fund were raised to 5.0% of the most recent five-year average market values for the Fund.  Voters also approved a temporary additional distribution through 2017, which translates thusly:

2005-2012: Distributions will be 5.8% of the LGPF rolling average

2013-2017: Distributions will be 5.5% of the LGPF rolling average

Distribution rates for the Severance Tax Permanent Fund remain at 4.7% of the 5-year average market value.

It is currently estimated that the two Funds together will be distributing over a billion dollars per year in Fiscal Year 2024.

Investment Pools
SIC Clients
Alternative Investments

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