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