Land Grant Permanent Fund
The Land Grant Permanent Fund (LGPF), is New Mexico’s largest permanent fund and educational endowment, and one of the largest funds of its kind in the country. Every year the LGPF provides more than $1 billion to New Mexico public schools, universities, specialty schools and other beneficiaries. The LGPF will distribute $1.34 billion to beneficiaries in fiscal year 2024, comprising the majority of the $1.7 billion in earnings/benefits New Mexico’s permanent funds will convey to its citizens starting July 1, 2023.
Established through New Mexico’s entry into statehood in 1912, the LGPF has evolved and grown over time due to revenue from leases and royalties produced by non-renewable natural resources in New Mexico (primarily oil and gas), and income from returns on invested capital. The New Mexico State Land Office, headed by the NM Commissioner for Public Lands, oversees the collection of natural resource revenue which flows into the LGPF on a monthly basis, and is key to maintaining and growing the fund for current and future generations.
The 11-member State Investment Council and its staff are fiduciaries to the Fund, and invest the LGPF in accordance with the Uniform Prudent Investor Act standard.