SovereignWealthFunds.comColorado Public School Fund Investment Board
Colorado Public School Fund Investment Board: what it invests in
Geography Global
Colorado Public School Fund Investment Board: how big it is, and on what basis
In US dollars: about USD 1.85B. Reported in US dollars.
Colorado Public School Fund Investment Board: what it publishes
Published 4 · Partly 3 · Not published 3
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Colorado Public School Fund is the permanent fund of the state school lands trust, invested by a board chaired by the State Treasurer. Its value reached USD 1.85 billion at 30 June 2025. The corpus is kept intact, rents and royalties from trust land add to it each year, and investment income goes to K-12 public education. S1 S2
Key points
- Fund value USD 1,845.5 million at 30 June 2025, up from USD 1,625.8 million. S2
- Land Board rents and royalties added USD 114.6 million in fiscal 2025. S2
- Earned income USD 57.4 million in fiscal 2025, up from USD 50.9 million. S2
- Net income of USD 53.6 million was available for distribution. S2
- About 58 percent bonds, 41 percent equities and 1 percent cash by market value. S2
Interesting facts
Mandate and goals
The constitution requires the fund to be invested securely and profitably; the corpus stays intact and the interest supports K-12 public schools. S1
How it invests
| Industries | Financial services. Sector agnostic S2 |
|---|---|
| Asset classes | Fixed income, Public equities, Cash and money markets S2 |
| Stages | Public markets S2 |
| Geography | Global. No geographic split published S2 |
| Direct / through funds / co-invest | Not published / Not published / No S1 |
| Ticket size | Not applicable; listed bonds and equities. S2 |
| External managers | Not published S1 |
| Co-investment programme | None S1 |
Asset mix: Fixed income 58.0%, Equity 40.6%, Cash 1.4% (as of 2025-06-30) S2
Published criteria
- Secure and profitable investment, as the constitution requires. S1
Past investments
The fund has not published a list of investments.
Case studies
Land revenue into a permanent school fund S2
- What: Rents and royalties from Colorado school trust lands are paid into the fund each year and kept as corpus.
- When: Fiscal 2023 to 2025
- Size: USD 386M added over three years
- Why: The corpus must stay intact so income can support schools indefinitely.
- Outcome: Fund value rose from USD 1.24B to USD 1.85B; yearly earned income rose from USD 41.3M to USD 57.4M.
Investment process
A board chaired by State Treasurer Dave Young sets investment policy and meets several times a year in public. It also makes recommendations to the General Assembly on distributing income. S1
| Committee | Role |
|---|---|
| Public School Fund Investment Board | Chaired by the State Treasurer; members include the State Land Board Commissioner S1 |
How to approach: Board agendas, minutes and meeting packets are published on the Treasury website. S1
Size and returns
- Headline size: USD 1.85B (Fund market value, as of 2025-06-30) S2
- In US dollars: about USD 1.85B. Reported in US dollars.
- Investments at market value: USD 1.71B (Portfolio value, as of 2025-06-30) S2
- Returns: the fund does not publish a return figure.
- Size over time (USD billion): 2022-06 1.243, 2023-06 1.392, 2024-06 1.626, 2025-06 1.846 S2
Leadership
Governance and transparency
- Legal basis: Colorado Constitution and statutes on the school trust (for example CRS 22-41) S1 S2
- Oversight: Public School Fund Investment Board; State Treasurer as custodian S1
- Open meetings with published agendas, minutes and packets. S1
Transparency score: 5.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The fund is a state trust portfolio with no co-investment or private capital programme. S1
Reports
- Public School Permanent Fund financial report, fiscal 2025: https://treasury.colorado.gov/sites/treasury/files/PSPF%202025%20Annual%20Report.pdf S2
Common questions
How big is the Colorado Public School Fund?
USD 1.85 billion at 30 June 2025. S2
Who runs it?
The Public School Fund Investment Board, chaired by State Treasurer Dave Young. S1
Where does its money come from?
Rents and royalties from state school trust lands, plus escheats. S2
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All sovereign wealth funds in North America · All sub-national permanent funds · All funds in United States
Sources
Disclaimer
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