New Mexico Land Grant Permanent Fund


The New Mexico Land Grant Permanent Fund is a permanent fund that provides revenues to New Mexico's public schools and universities, among other special beneficiaries. Its assets include mineral rights throughout the state. It is one of the largest permanent funds in the United States, managing more than $28.65 billion in total assets. It is the largest of New Mexico's four permanent funds.

Management

The fund is managed by New Mexico's State Investment Council, an independent state agency which functions as a sovereign wealth fund. 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,
NamePositionTerm
Michelle Lujan GrishamChair; Governor of New MexicoEx Officio
Stephanie Garcia RichardVice Chair; New Mexico State Land CommissionerEx Officio
Laura MontoyaTreasurer of New MexicoEx Officio
Wayne PropstSecretary for the New Mexico Department of Finance and AdministrationEx Officio
Nicholas TellesVice President of Finance, Santa Fe Community CollegeEx Officio
Catherine AllenPublic Member; Legislative Appointee2021–2025
John BingamanPublic Member; Governor Appointee2021–2026
Dr. Kelly O'DonnellPublic Member; Legislative Appointee2023–2028
L. Michael MessinaPublic Member; Governor Appointee2019–2024
Allen SánchezPublic Member; Legislative Appointee2023–2028
Kurt A. SommerPublic Member; Legislative Appointee2022–2027

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.

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. In 2022, voters approved a constitutional amendment requiring a 1.25% distribution from the fund to provide early childhood education. The amendment passed by more than 70%.