SovereignWealthFunds.comWisconsin Board of Commissioners of Public Lands (Common School Fund)
Common School Fund: what it invests in
Geography Mainly domestic
Common School Fund: how big it is, and on what basis
In US dollars: about USD 1.56B. Reported in USD
Common School Fund: what it publishes
Published 4 · Partly 2 · Not published 4
Our 10 item score. It measures what is public, not how well a fund is run.
- Trust forestS1
- About 78,000 acres
At a glance. Wisconsin's Board of Commissioners of Public Lands invests the state's school trust funds, led by the Common School Fund, and manages almost 78,000 acres of trust forest. The Common School Fund held USD 1.56B of assets at 30 June 2025. Its principal can never be reduced; income funds school library aid, and it also lends to local governments and school districts. S1 S4 S2
Key points
- Common School Fund assets rose from USD 1.45B to USD 1.56B in fiscal 2025. S4
- Paid USD 70M for education in fiscal 2025, up from USD 65M. S4
- State Trust Fund Loans to municipalities and school districts total about USD 302M. S4
- Income comes from investments, unclaimed property (USD 50M a year) and fines and forfeitures (USD 12.7M). S4
- Run by three elected officials: the Secretary of State, State Treasurer and Attorney General. S1
- Its income is the only statewide aid for Wisconsin public school libraries. S2
Interesting facts
Mandate and goals
Invest the school trust funds to earn income for public education while keeping the principal intact, and manage the remaining trust lands. S1 S2
How it invests
| Industries | Infrastructure and utilities. Sector agnostic S1 |
|---|---|
| Asset classes | Fixed income, Private credit, Cash and money markets S4 |
| Stages | Public markets, Credit S4 |
| Geography | Mainly domestic. Loans only to Wisconsin municipalities and school districts S1 |
| Direct / through funds / co-invest | Yes / No / No S1 |
| Ticket size | Loan sizes set by borrower need; no published ticket S1 |
| External managers | None described S4 |
| Co-investment programme | None S1 |
Asset mix: Investments 72.5%, Loans to local governments and schools 19.3%, Cash 7.9% (as of 2025-06-30) S4
Published criteria
Past investments
The fund has not published a list of investments.
Case studies
State Trust Fund Loans S1 S4
- What: Lends trust money to Wisconsin municipalities and school districts for public projects.
- When: Ongoing; FY2025 balances
- Size: About USD 302M outstanding
- Why: Earns income for the trust while funding local infrastructure.
- Outcome: USD 277.2M to local governments and USD 24.6M to school districts at June 2025.
Funding school libraries S4 S2
- What: Common School Fund income paid out each year as school library aid.
- When: FY2025
- Size: USD 70M
- Why: The constitution directs this income to public education.
- Outcome: The only statewide aid for Wisconsin public school libraries.
Investment process
A three-member board of elected officials meets on the first and third Tuesday each month; an Executive Secretary and Chief Investment Officer run the agency. S1 S5
| Committee | Role |
|---|---|
| Board of Commissioners | Secretary of State, State Treasurer and Attorney General S1 |
- Municipality or school district applies for a State Trust Fund Loan. S1
- Board approves loans at its meetings. S5
- Income apportioned by the Superintendent of Public Instruction. S2
How to approach: Local governments apply through the BCPL website. S1
Size and returns
- Headline size: USD 1.56B (30 June 2025) (Total assets (balance sheet), as of 2025-06-30) S4
- In US dollars: about USD 1.56B. Reported in USD
- Investments, Common School Fund: USD 1.13B (Portfolio value, as of 2025-06-30) S4
- Returns: the fund does not publish a return figure.
- Size over time (USD billion): FY2024 1.449, FY2025 1.563 S4
Leadership
Governance and transparency
- Legal basis: Wisconsin Constitution, Article X, Sections 7 and 8 S2
- Oversight: Board of three elected constitutional officers S1
- Board packets and minutes published for each meeting. S1
- Four school trust funds, including the Normal School Fund at USD 39M. S2
Transparency score: 5.0 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
BCPL invests for a state trust and lends only to public bodies, so it has no route for private co-investment. S1
Reports
- 2023-2025 biennial financial statements: https://bcpl.wisconsin.gov/SharedDocuments/Agency%20Info/2023-2025%20Biennial%20Financial%20Statements.pdf S4
Common questions
How big is the Common School Fund?
USD 1.56B of assets at 30 June 2025. S4
Who runs BCPL?
A board of the Secretary of State, State Treasurer and Attorney General, with Executive Secretary Tia Nelson. S1
What are State Trust Fund Loans?
Loans from the trust funds to Wisconsin municipalities and school districts for public purposes. S1
What does its income pay for?
School library aid across Wisconsin. S2
Related profiles
- Alaska Permanent Fund United States (Alaska) · USD 91.9B
- 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
Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.
