SovereignWealthFunds.comNebraska Permanent School Fund (Board of Educational Lands and Funds)
Board of Educational Lands and Funds: what it invests in
Geography Domestic and global
Board of Educational Lands and Funds: how big it is, and on what basis
In US dollars: about USD 1.081B. Reported in US dollars.
Board of Educational Lands and Funds: 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.
- Paid to schools 2026S3
- About USD 83.3M
At a glance. Nebraska's Permanent School Fund holds the proceeds of school trust lands granted at statehood in 1867. It was worth USD 1,081.3 million at 30 June 2025, invested by the Nebraska Investment Council. With 1.25 million acres of trust farmland valued near USD 1.9 billion, the whole K-12 school trust totals about USD 3.05 billion and pays schools per pupil each year. S1
Key points
- Permanent K-12 School Fund worth USD 1,081.3 million at 30 June 2025. S1
- Total K-12 trust funds of USD 1,150.1 million, including a USD 68.8 million early childhood endowment. S1
- School trust assets total USD 3.047 billion: 62.3 percent farmland and 37.7 percent stocks and bonds. S1
- About 3,161 agricultural and mineral leases on roughly 1.25 million acres. S1
- K-12 trust income was USD 140.1 million in 2024-25, led by USD 54.7 million of farm lease rent. S1
- About USD 83.3 million was paid to K-12 public education in 2026. S3
Interesting facts
Mandate and goals
As constitutional trustee, the Board must maximise income and preserve the school trust for K-12 public schools. Net income from the lands and the fund is paid out each year per pupil. S1
How it invests
| Industries | Agriculture and food security, Renewables and climate, Energy: oil and gas, Financial services S1 |
|---|---|
| Asset classes | Public equities, Fixed income, Real estate S1 |
| Stages | Public markets, Real estate S1 |
| Geography | Domestic and global. Trust land in Nebraska; securities via the Investment Council S1 |
| Direct / through funds / co-invest | Yes / Not published / No S1 |
| Ticket size | No ticket size; land sales and trades are at the Board's discretion. S1 |
| External managers | Securities are invested by the Nebraska Investment Council S1 |
| Co-investment programme | None S1 |
Sector weights: Agricultural land 62.3%, Stocks and bonds 37.7% (as of 2025-06-30) S1
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2025 | Agricultural leases on school trust land. Main income source; land valued at about USD 1.9 billion for 1.25 million acres. S1 | Direct investment | Agriculture and food security | Real estate | USD 54.7M rent (2024-25) |
| 2025 | Wind and solar agreements. Rent and royalties from renewable energy sites on trust land. S1 | Direct investment | Renewables and climate | Infrastructure | USD 465,145 (2024-25) |
| 2025 | Oil and gas royalties. Royalties from Nebraska and Colorado production on trust minerals. S1 | Direct investment | Energy: oil and gas | Not stated | USD 726,568 (2024-25) |
| 2025 | Nebraska Investment Council portfolio. Stocks and bonds holding all K-12 trust funds. S1 | Fund commitment | Multi-sector | Public markets | USD 1,150.1M |
Case studies
Turning prairie into school funding S1
- What: Lease rent, bonuses and royalties from 1.25 million acres, plus fund income, are paid to schools per pupil every year.
- When: 2024-25
- Size: USD 140.1M income
- Why: The statehood land grant was made to support common schools.
- Outcome: About USD 83.3M distributed in 2026.
Investment process
A five-member Board of Educational Lands and Funds, appointed for set terms, oversees the trust lands. By state law the Nebraska Investment Council alone invests the permanent funds. S1
| Committee | Role |
|---|---|
| Board of Educational Lands and Funds | Trustee of school lands S1 |
| Nebraska Investment Council | Invests the permanent funds S1 |
- BELF leases trust land for farming, minerals and renewable energy. S1
- Proceeds of land sales go into the Permanent School Fund. S1
- The Investment Council invests the fund in stocks and bonds. S1
- Net income is paid to schools per pupil each year. S1
How to approach: Leases and land sales are handled by BELF staff; details are on the BELF site. S3
Size and returns
- Headline size: USD 1,081.3M (Fair value of state company holdings, as of 2025-06-30) S1
- In US dollars: about USD 1.081B. Reported in US dollars.
- Total K-12 trust funds: USD 1,150.1M (Fair value of state company holdings, as of 2025-06-30) S1
- Trust farmland value: USD 1,896M (Published estimate, as of 2025-06-30) S1
- Returns: the fund does not publish a return figure.
- Staff: Small staff led by the CEO and Executive Secretary S4
Leadership
Governance and transparency
- Legal basis: Nebraska Constitution; statehood land grant of 1867 S1
- Oversight: Board of Educational Lands and Funds as constitutional trustee S1
- Auditor: Covered by state reporting S1
- Not an IFSWF member. S2
Transparency score: 5.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The trust has no private investor programme. Farm, energy and mineral operators can lease school trust land through BELF. S1
- Leasing school trust land for farming, minerals or renewable energy. S1
Reports
- BELF Annual Report 2024-2025: https://belf.nebraska.gov/pdf/reports/belf2024-25annual.pdf S1
Common questions
How big is the fund?
USD 1,081.3 million at 30 June 2025; total school trust assets including land were USD 3.047 billion. S1
Who invests it?
The Nebraska Investment Council, by state law. S1
Who runs the board?
Kelly L. Sudbeck is CEO and Executive Secretary. S4
How much do schools receive?
About USD 83.3 million in 2026, paid per pupil. S3
Related profiles
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- New Mexico State Investment Council (SIC) United States (New Mexico) · USD 74.63B
- Texas Permanent School Fund United States (Texas) · USD 60.6B
- Texas Permanent University Fund (PUF) United States (Texas) · USD 40.29B
- Alberta Heritage Savings Trust Fund Canada (Alberta) · C$31.9B
- North Dakota Legacy Fund United States (North Dakota) · USD 15.10B
All sovereign wealth funds in North America · All sub-national permanent funds · All funds in United States
Sources
Disclaimer
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