Wyoming Common School Permanent Land Fund

United States · North America · Sub-national permanent fund · Not an IFSWF member

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Focus

Wyoming Common School Permanent Land Fund: what it invests in

Real estateInfrastructure and utilitiesEnergy: oil and gasFinancial services

Public equitiesFixed incomePrivate equityPrivate creditReal estateInfrastructure

Geography Global

Scale

Wyoming Common School Permanent Land Fund: how big it is, and on what basis

USD 6.62B

Fair value of state company holdingsAs of 2026-06-30

In US dollars: about USD 6.62B. Reported in US dollars.

Transparency

Wyoming Common School Permanent Land Fund: what it publishes

6.5 of 10 Band 4 of 5

Published 5 · Partly 3 · Not published 2

Our 10 item score. It measures what is public, not how well a fund is run.

Market valueS3: USD 6.62B (30 June 2026); As of 2026-06-30
Book costS3: USD 5.44B; As of 2026-06-30
Share of land fundsS3: About 94%; As of 2026-06-30
Equity limitS3: 70%; As of 2026-06-30
Mineral share of trust revenueS1: 53% (fiscal 2025); As of 2025-06-30
Trust surface acresS1: 3.4 million; As of 2025-06-30

At a glance. The Common School Permanent Land Fund is the largest of Wyoming's permanent land funds and helps pay for the state's K-12 public schools. It held USD 6.62 billion at market value on 30 June 2026, against a book cost of USD 5.44 billion. Its money comes from leasing and mineral royalties on state trust lands, and the State Treasurer invests it in a pooled global portfolio. S3 S1

Key points

Worth USD 6.62 billion at market value and USD 5.44 billion at cost on 30 June 2026. S3
Makes up about 94 percent of Wyoming's USD 7.05 billion permanent land funds. S3
Up to 70 percent may be invested in equities. S3
Trust land revenue in fiscal 2025 was 53 percent minerals and 47 percent surface leasing. S1
The state holds about 3.4 million surface acres and 3.9 million subsurface acres of trust land. S1
Invested alongside other state funds in the Treasurer's USD 35.3 billion non-pension portfolio. S3

Interesting facts

Land, minerals and the permanent fund together form the State Land Trust. S1
The state issued 348 oil and gas leases in fiscal 2025. S1
Its holdings will move over time into a new Total Rate of Return Illiquid pool. S3

Mandate and goals

Trust income may only benefit the beneficiaries named in the federal grant acts, mainly the public schools. The trust aims for long-run growth in value and steady, sustainable income. S1

Provide income to help fund Wyoming's K-12 public schools. S3
Grow the value of trust assets over the long term. S1
Produce steady and sustainable income for beneficiaries. S1

How it invests

Industries	Real estate, Infrastructure and utilities, Energy: oil and gas, Financial services. Sector agnostic S3
Asset classes	Public equities, Fixed income, Private equity, Private credit, Real estate, Infrastructure, Hedge funds and absolute return, Cash and money markets S3
Stages	Public markets, Buyout, Venture, Credit, Real estate, Infrastructure S3
Geography	Global. Global securities; trust lands in Wyoming S3
Direct / through funds / co-invest	No / Yes / No S3
Ticket size	No ticket size is published; holdings are pooled across state funds. S3
External managers	State Street, Arrowstreet, Grosvenor, Clarion, KKR and others in the Treasurer's pool S3
Co-investment programme	None described S3

Past investments

Investment	Type	Sector	Stage	Amount
State Street domestic equity. Largest US equity mandate. Pooled across Treasurer funds at 30 June 2026. S3	Fund commitment	Multi-sector	Public markets	USD 2,644M (pool)
Arrowstreet international equity. Largest international equity mandate. Pooled across Treasurer funds at 30 June 2026. S3	Fund commitment	Multi-sector	Public markets	USD 2,234M (pool)
Grosvenor hedge fund programme. External and internally managed hedge fund accounts. Pooled across Treasurer funds at 30 June 2026. S3	Fund commitment	Multi-sector	Public markets	USD 2,161M (pool)
Wyoming internal fixed income. Bond portfolio run by Treasurer staff. Pooled across Treasurer funds at 30 June 2026. S3	Direct investment	Multi-sector	Credit	USD 5,903M (pool)
IDR and Clarion real estate. Two largest real estate mandates. Pooled across Treasurer funds at 30 June 2026. S3	Fund commitment	Real estate	Real estate	USD 979M (pool)
Macquarie and IFM infrastructure. Core infrastructure funds. Pooled across Treasurer funds at 30 June 2026. S3	Fund commitment	Infrastructure and utilities	Infrastructure	USD 513M (pool)
KKR Direct Lending. Largest private credit holding. Pooled across Treasurer funds at 30 June 2026. S3	Fund commitment	Multi-sector	Credit	USD 227M (pool)
Valor private equity. Largest private equity holding. Pooled across Treasurer funds at 30 June 2026. S3	Fund commitment	Technology	Growth	USD 162M (pool)

The fund does not publish investment dates or amounts for these holdings.

Case studies

From trust land to school funding S1 S3

What: Leases and mineral royalties on 3.4 million acres flow into the fund; its investment income supports K-12 schools.
When: Ongoing
Size: USD 6.62B
Why: Federal grants at statehood created the trust for named beneficiaries.
Outcome: Largest of Wyoming's land funds.

Investment process

The State Loan and Investment Board, made up of the Governor, Secretary of State, Auditor, Treasurer and Superintendent of Public Instruction, oversees the fund under the State Investment Policy. The Treasurer's Office invests it. S1 S3

Committee	Role
State Board of Land Commissioners	Manages trust lands S1
State Loan and Investment Board	Oversees permanent land funds S1

Trust land and mineral revenue is paid into the fund under Wyoming statute 9-4-310. S1
The Treasurer invests it in the pooled portfolio within the 70 percent equity limit. S3
Investment income is distributed for school funding. S3

How to approach: No intake route; managers are hired by the State Treasurer. S5

Size and returns

Headline size: USD 6.62B (Fair value of state company holdings, as of 2026-06-30) S3
In US dollars: about USD 6.62B. Reported in US dollars.
Book cost: USD 5.44B (Total assets (balance sheet), as of 2026-06-30) S3
All permanent land funds, market value: USD 7,048.3M (Fair value of state company holdings, as of 2026-06-30) S3
Returns: the fund does not publish a return figure.
Staff: Run by State Treasurer and state lands office staff S4

Leadership

Name	Title
Curtis E. Meier Jr.	State Treasurer S4
Stacia Berry	Director, Office of State Lands and Investments S1

Governance and transparency

Legal basis: Article 18 of the Wyoming Constitution and federal statehood land grants S1
Oversight: State Board of Land Commissioners and State Loan and Investment Board S1
Auditor: Covered by state lands office annual reporting S1
Not an IFSWF member. S2
Income limited to beneficiaries named in the federal grant acts. S1

Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, holdings or deal list, governance and mandate documents, named leadership, regular reporting schedule. S1 S3 S4
Partly published: annual return, asset allocation, audited financial statements. S1 S3
Not published: long-term returns, geographic or sector split. S3

History

Date	Event
2025-06-30	Fiscal 2025: 348 oil and gas leases issued on trust land. S1
2026-06-30	Fund reaches USD 6.62B at market value. S3

For family offices

The fund has no programme for private investors. Families may meet it as fellow LPs in the private equity, credit and real estate funds held in the Treasurer's pool. S3

Investing in the same private funds held in the Treasurer's pooled portfolio. S3

Reports

Treasurer investment packet, June 2026: https://statetreasurer.wyo.gov/wp-content/uploads/2026/08/Packet-06302026.pdf S3
Office of State Lands and Investments annual report, fiscal 2025: https://wyomingdigitalcollections.ptfs.com/aw-server/rest/product/purl/WSL/s/5ed74185-9d55-472c-a4b2-44979ff61861 S1

Common questions

How large is the fund?

USD 6.62 billion at market value on 30 June 2026. S3

Who benefits?

Wyoming's K-12 public schools. S3

Who runs it?

State Treasurer Curtis E. Meier Jr. invests it; Stacia Berry leads the state lands office. S4 S1

What is the equity limit?

Up to 70 percent for the permanent land funds. S3

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