SovereignWealthFunds.comIdaho Endowment Fund Investment Board (EFIB)
EFIB: what it invests in
Geography Global
EFIB: how big it is, and on what basis
In US dollars: about USD 3.589B. Reported in US dollars.
FY2025 return 11.7% (before fees)
EFIB: what it publishes
Published 7 · Partly 3 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. EFIB invests the Idaho Endowment Fund, built from the lands Congress granted the state at statehood, to pay public schools and other beneficiaries forever. The fund reached USD 3,588.7 million at 30 June 2025 after an 11.7 percent return. It uses 17 external managers, pays out about 5 percent a year and guarantees school district bonds. S3 S4
Key points
- Fund grew 10.3 percent to USD 3,588.7 million in the year to 30 June 2025. S3
- Returned 11.7 percent before fees in FY2025, and 11.5, 9.4 and 8.2 percent a year over 3, 5 and 10 years. S3
- Target mix: 66 percent equity, 24 percent fixed income and 10 percent private core real estate. S3
- Paid USD 103.2 million to beneficiaries in FY2025; USD 110.4 million approved for FY2026 and USD 117.3 million for FY2027. S3
- Moved USD 206.4 million of surplus earnings reserves into permanent funds in August 2025. S3
- Guaranteed USD 464.3 million of school district bonds at 30 June 2025. S3
- Running costs of USD 11.8 million, or 0.33 percent of assets. S3
Interesting facts
Mandate and goals
EFIB provides professional investment management for the land-grant endowments and other state funds under constitutional and statutory rules. The Endowment Fund exists to make distributions to its beneficiaries in perpetuity. S4 S3
- Pay steady distributions to beneficiaries in perpetuity. S3
- Invest prudently under the Idaho Uniform Prudent Investor Act. S4
- Keep earnings reserves near seven years of payouts. S3
- Lower borrowing costs for school districts through bond credit enhancement. S3
- Return target: Measured against a blended benchmark of 38 percent Russell 3000, 19 percent ACWI ex-US, 9 percent ACWI, 10 percent ODCE and 24 percent US Aggregate. S3
How it invests
| Industries | Real estate, Financial services. Sector agnostic S3 |
|---|---|
| Asset classes | Public equities, Fixed income, Real estate S3 |
| Stages | Public markets, Real estate S3 |
| Geography | Global. US-weighted global portfolio S3 |
| Direct / through funds / co-invest | No / Yes / No S3 |
| Managed in house | 0 percent S3 |
| Ticket size | No ticket size is published. S3 |
| External managers | Barrow Hanley, Boston Partners, CBRE IM, Dodge & Cox, DoubleLine, DWS, Northern Trust, PineStone, Schroders, SSGA, Victory Capital, TimesSquare, UBS Realty, WCM, Wellington, Westfield, William Blair S3 |
| Co-investment programme | None S3 |
Asset mix: US equity 37%, International equity 17%, Global equity 12%, Fixed income 24%, Private core real estate 10% (as of 2025-06-30) S3
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| Not published | Private core real estate (CBRE IM and UBS Realty). Open-ended core property funds; returned 2.1 percent in FY2025. S3 | Fund commitment | Real estate | Real estate | 10% target |
| Not published | Active core plus fixed income. Active bond mandates beside an 11 percent index sleeve; fixed income returned 6.5 percent in FY2025. S3 | Fund commitment | Multi-sector | Credit | 13% target |
| Not published | International equity mandates. Returned 24.4 percent in FY2025, the strongest sleeve. S3 | Fund commitment | Multi-sector | Public markets | 17% target |
| 2002 | School bond credit enhancement. Guarantees voter-approved school bonds, up to USD 40 million per district; USD 464.3 million guaranteed in June 2025. S3 | Direct investment | Infrastructure and utilities | Credit | Up to USD 1.2B |
| 2025 | Transfer to permanent funds. Surplus earnings reserves moved into permanent funds in August 2025. S3 | State asset transfer | Financial services | Not stated | USD 206.4M |
Case studies
AAA ratings for Idaho school bonds S3
- What: The Public School Endowment Fund stands behind up to USD 300M of state notes to avoid school bond defaults, letting eligible bonds carry AAA ratings.
- When: Since 2002
- Size: Up to USD 1.2B of bonds
- Why: Lower borrowing costs for school districts.
- Outcome: USD 464.3M of bonds guaranteed in June 2025.
Reserve rule that recycles surpluses S3
- What: Earnings reserves target seven years of payouts; any excess moves into permanent funds.
- When: August 2025
- Size: USD 206.4M
- Why: Protect payouts in weak years while growing the permanent base.
- Outcome: All reserves were above target before the transfer.
Investment process
The Investment Board sets policy and hires managers with advice from Callan, its independent consultant since 2007. The State Board of Land Commissioners sets distribution policy and approves transfers. S3
| Committee | Role |
|---|---|
| Endowment Fund Investment Board | Sets investment policy and hires managers S4 |
| State Board of Land Commissioners | Approves distributions and reserve transfers S3 |
- Net land revenue flows into the permanent funds. S3
- The Board sets allocation; Callan advises on managers and risk. S3
- Managers invest with full discretion within their guidelines. S3
- Distributions follow a 5 percent rule on the three-year average balance. S3
How to approach: Managers are hired through consultant-led searches; board materials are posted online. S4
Size and returns
- Headline size: USD 3,588.7M (Fund market value, as of 2025-06-30) S3
- In US dollars: about USD 3.589B. Reported in US dollars.
- Earnings reserves: USD 1,045.9M (Fund market value, as of 2025-06-30) S3
- Return, FY2025: 11.7 percent (before fees; benchmark 12.3 percent) S3
- Return, 5 years to June 2025: 9.4 percent a year S3
- Return, 10 years to June 2025: 8.2 percent a year S3
- Staff: Small staff led by the Manager of Investments S1
- Size over time (USD million): 2023 2,946.6, 2024 3,254.0, 2025 3,588.7 S3
Leadership
| Name | Title |
|---|---|
| Chris J. Anton | Manager of Investments S1 |
Governance and transparency
- Legal basis: Idaho Constitution and statutes on the state endowment lands; Idaho Uniform Prudent Investor Act S4
- Oversight: State Board of Land Commissioners S3
- Auditor: Included in state financial reports S3
- Not an IFSWF member. S2
- Northern Trust is custodian. S3
Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
EFIB invests only through public market and core real estate managers and has no co-investment or private investor programme. Its open reporting is a useful model for long-horizon payout policy. S3
Reports
Common questions
How big is the Idaho Endowment Fund?
USD 3,588.7 million at 30 June 2025. S3
How has it performed?
11.7 percent before fees in FY2025 and 8.2 percent a year over ten years. S3
Who receives the money?
Public schools and other land-grant beneficiaries such as the University of Idaho. They received USD 103.2 million in FY2025. S3
Who runs it?
Chris J. Anton is Manager of Investments. S1
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Sources
Disclaimer
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