SovereignWealthFunds.comOregon Common School Fund
Oregon Common School Fund: what it invests in
Geography Global
Oregon Common School Fund: how big it is, and on what basis
In US dollars: about USD 2.88B. Reported in US dollars.
1-year return 15.46% (net of fees)
Oregon Common School Fund: what it publishes
Published 6 · Partly 3 · Not published 1
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Oregon Common School Fund is a state endowment built from school lands granted at statehood in 1859. It pays every one of Oregon's 197 public school districts each year. Its market value was USD 2.88 billion at 30 June 2026, and it returned 15.46 percent net over the prior year. A record USD 76.8 million went to districts in 2025. S1 S3
Key points
- Market value of USD 2,878.1 million at 30 June 2026. S3
- Net returns to June 2026: 15.46 percent over one year, 12.35 over three, 7.67 over five and 8.85 over ten. S3
- Paid a record USD 76.8 million to school districts in 2025; the low was USD 13 million in 2004. S1
- Distributions are capped at 3.5 percent of the fund each year. S1
- About 681,000 acres of the original 3.4 million acres of school land remain in state hands. S1
Interesting facts
Mandate and goals
The fund turns school land and waterway revenue into a lasting source of money for Oregon's K-12 public schools, with payouts limited to 3.5 percent of the fund a year. S1
How it invests
| Industries | Financial services. Sector agnostic S3 |
|---|---|
| Asset classes | Public equities, Fixed income, Private equity, Real estate S3 |
| Stages | Public markets S3 |
| Geography | Global. Global securities; school lands in Oregon S3 |
| Direct / through funds / co-invest | Not published / Yes / No S4 |
| Ticket size | No ticket size or holdings list is published for this fund alone. S3 |
| External managers | Managers are hired by the Treasury under council policy S4 |
| Co-investment programme | None S4 |
Past investments
The fund has not published a list of investments.
Case studies
Record payout to every district S1
- What: The fund paid USD 76.8M across all 197 districts in 2025, shared by student numbers.
- When: 2025
- Size: USD 76.8M
- Why: School land revenue and investment gains must reach classrooms each year.
- Outcome: Portland received USD 6.6M; the average district USD 389,607.
Investment process
The State Land Board oversees the lands and the fund. The Oregon Investment Council, including the State Treasurer, sets investment policy and the Treasury invests the money. S1 S4
| Committee | Role |
|---|---|
| State Land Board | Oversees school lands and the fund S1 |
| Oregon Investment Council | Sets investment policy S4 |
- The Department of State Lands leases and sells school lands to raise revenue. S1
- Revenue and unclaimed property interest are added to the fund. S1
- The Treasury invests the fund under council policy. S1 S4
- Up to 3.5 percent is paid to school districts each year. S1
How to approach: No intake route; investments are made through the Treasury. S4
Size and returns
- Headline size: USD 2,878.1M (Fair value of state company holdings, as of 2026-06-30) S3
- In US dollars: about USD 2.88B. Reported in US dollars.
- Return, Year to 30 June 2026: 15.46 percent (net of fees) S3
- Return, 5 years to June 2026: 7.67 percent a year S3
- Return, 10 years to June 2026: 8.85 percent a year S3
- Staff: Invested by Oregon State Treasury staff S4
Leadership
Governance and transparency
- Legal basis: Federal school land grant at statehood in 1859 and Oregon law on the Common School Fund S1
- Oversight: State Land Board S1
- Auditor: Annual financial reports published by the Department of State Lands S1
- Not an IFSWF member. S2
Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The fund has no private investor programme and is invested through the Oregon State Treasury. It matters mainly as a model of land-based school endowments. S1 S4
Reports
- Treasury summary of performance, June 2026: https://www.oregon.gov/treasury/invested-for-oregon/Documents/Invested-for-OR-Performance-and-Holdings/2026/ATF-6-30-26.pdf S3
Common questions
How big is the Common School Fund?
USD 2.88 billion at market value on 30 June 2026. S3
Who gets the money?
All 197 Oregon public school districts, based on student numbers. S1
How much can it pay out?
Up to 3.5 percent of the fund each year. It paid a record USD 76.8 million in 2025. S1
Who invests it?
The State Treasurer and the Oregon Investment Council. S1
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Sources
Disclaimer
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