SovereignWealthFunds.comPermanent Wyoming Mineral Trust Fund
Permanent Wyoming Mineral Trust Fund: what it invests in
Geography Global
Permanent Wyoming Mineral Trust Fund: how big it is, and on what basis
In US dollars: about USD 13.0B. Market value in the Treasurer net asset value summary, 30 June 2026
Permanent Wyoming Mineral Trust Fund: what it publishes
Published 5 · Partly 3 · Not published 2
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Permanent Wyoming Mineral Trust Fund (PWMTF) saves part of Wyoming's mineral wealth. Since 1974 a 1.5 percent severance tax on coal, oil and gas has flowed into a constitutionally protected corpus, topped up by the Legislature. Income goes to the state general fund. The fund had a market value of USD 13.02 billion at 30 June 2026 and is invested by the State Treasurer for total return. S1 S7 S5
Key points
- Market value of USD 13.02 billion (cost USD 9.56 billion) at 30 June 2026, about 37 percent of the Treasurer's USD 35.3 billion non-pension portfolio. S7
- The corpus is inviolate; only investment income is paid to the general fund each year. S1
- FY2025 additions to corpus were USD 331.3 million: USD 231.3 million of severance tax and a USD 100 million legislative deposit. S5
- Since FY2022 it has used a total rate of return approach, which the Treasurer expects to add 1 to 2 percent a year over a liquid portfolio. S5
- Up to 70 percent may be held in equities under state law. S7 S5
- A reserve account covering five to seven years of spending lets the fund ride out lean earnings years. S5
Interesting facts
- The constitution lets the Legislature lend fund money to Wyoming cities, counties and other political subdivisions. S1
- A 2006 amendment made clear that every dollar in the fund, whatever its source, is inviolate. S2
- The Treasurer plans to move it into a shared TRR Illiquid pool with other state permanent funds. S5
Mandate and goals
The PWMTF turns part of Wyoming's non-renewable mineral revenue into a lasting asset. The corpus stays intact while income supports the state budget, with investment terms set by the Legislature. S1 S4
How it invests
| Industries | Energy: oil and gas, Real estate, Infrastructure and utilities, Financial services. Sector agnostic S7 |
|---|---|
| Asset classes | Public equities, Fixed income, Private equity, Real estate, Infrastructure, Hedge funds and absolute return, Private credit, Cash and money markets S7 |
| Stages | Public markets, Buyout, Real estate, Infrastructure, Credit S7 |
| Geography | Global. US and international mandates; no regional split published S7 |
| Direct / through funds / co-invest | No / Yes / Not published S7 |
| Ticket size | No ticket size is published; the packet lists manager mandates for all Treasurer funds combined. S7 |
| Deal sizes seen | Pooled mandates of about USD 0.2B to USD 2.6B across all Treasurer funds |
| External managers | PIMCO, Arrowstreet, State Street, Grosvenor, Morgan Stanley, KKR, IFM, Macquarie and others across pooled funds S7 |
| Co-investment programme | No co-investment programme is described S7 |
Published criteria
- Total return focus: accept lower short-term income and liquidity for long-term premiums. S5
- Equity exposure capped at 70 percent of the fund. S7
Fund commitments
Past investments
| Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|
| State Street domestic equity. Pooled mandate across Treasurer funds; US index equity. S7 | Fund commitment | Multi-sector | Public markets | USD 2.64B, all funds |
| Arrowstreet international equity. Pooled mandate across Treasurer funds; international equity. S7 | Fund commitment | Multi-sector | Public markets | USD 2.23B, all funds |
| PIMCO core fixed income. Pooled mandate across Treasurer funds; core bonds. S7 | Fund commitment | Multi-sector | Credit | USD 1.93B, all funds |
| Grosvenor hedge fund programmes. Pooled mandate across Treasurer funds; internally and externally managed funds. S7 | Fund commitment | Multi-sector | Public markets | USD 2.16B, all funds |
| Morgan Stanley Prime Property Fund. Pooled mandate across Treasurer funds; core real estate. S7 | Fund commitment | Real estate | Real estate | USD 0.44B, all funds |
| KKR Direct Lending. Pooled mandate across Treasurer funds; private credit. S7 | Fund commitment | Multi-sector | Credit | USD 0.23B, all funds |
The fund does not publish investment dates or amounts for these holdings.
Case studies
Moving to total rate of return S5
- What: The Treasurer shifted the fund from an income focus to a total return strategy, then did the same for the Common School fund in FY2024.
- When: From FY2022
- Size: Not published
- Why: Income targets forced a bias to yield; total return lets the fund earn premiums for illiquidity.
- Outcome: Expected gain of 1 to 2 percent a year, backed by reserves of five to seven years of spending.
Topping up the corpus S5
- What: Beyond the 1.5 percent severance tax, the Legislature added a USD 100 million deposit in FY2025.
- When: FY2025
- Size: USD 331.3M total additions
- Why: To grow savings from mineral revenue while prices allow.
- Outcome: Book value of USD 9.35 billion at 30 June 2025.
Investment process
The Treasurer's Investment Division runs the portfolio under the State Investment Policy and statute. The Investment Funds Committee and the State Loan and Investment Board, made up of the five top elected officials, provide oversight. S6 S5
| Committee | Role |
|---|---|
| Investment Funds Committee | Advises on investment policy S5 |
| State Loan and Investment Board | Governor, Secretary of State, Auditor, Treasurer and Superintendent S6 |
- The Legislature sets permitted investments, including the 70 percent equity cap. S1 S7
- The Investment Policy sets asset allocation for each pool. S5
- Managers are hired for listed equity, credit, hedge funds and private markets; core bonds are also run in house. S7
- Realised earnings fund the spending policy; any gap is met from the reserve account. S5
- Quarterly packets report value by fund and by manager. S7
How to approach: Manager selection is run by the Treasurer's Investment Division; no open submission process is published. S6
Size and returns
- Headline size: USD 13.02B (Fund market value, as of 2026-06-30) S7
- In US dollars: about USD 13.0B. Market value in the Treasurer net asset value summary, 30 June 2026
- Cost basis, June 2026: USD 9.56B (Fund market value, as of 2026-06-30) S7
- Book value, June 2025: USD 9.35B (Fund market value, as of 2025-06-30) S5
- Treasurer portfolio, June 2026: USD 35.33B (Total assets (balance sheet), as of 2026-06-30) S7
- Returns: the fund does not publish a return figure.
Leadership
| Name | Title | Since |
|---|---|---|
| Curtis E. Meier Jr. | Wyoming State Treasurer S6 | 2019-01-07 |
Governance and transparency
- Legal basis: Wyoming Constitution, Article 15, Section 19, with investment terms set by statute S1
- Oversight: State Treasurer, Investment Funds Committee and State Loan and Investment Board S6 S5
- Annual report includes five-year corpus comparisons and severance tax deposits by mineral. S5
- Quarterly investment packets list manager cost, market value and unrealised gain. S7
Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 1974 | Voters approve the mineral excise tax and the trust fund amendment. S2 |
| 2005 | Legislature diverts an extra 1 percent severance tax to the fund. S4 |
| 2006 | Amendment confirms all fund money is inviolate. S2 |
| 2016 | Extra severance tax diversion temporarily redirected. S4 |
| 2022 | Total rate of return strategy begins. S5 |
| 2025 | USD 100 million legislative deposit added. S5 |
| 2026-06-30 | Market value reaches USD 13.02 billion. S7 |
For family offices
The PWMTF does not co-invest with private investors. Its relevance for managers is as an allocator across public and private mandates, chosen by the Treasurer's Office. S7
- Asset managers can track openings through Treasurer board materials and quarterly packets. S7
Reports
- Investment packet, 30 June 2026: https://statetreasurer.wyo.gov/wp-content/uploads/2026/08/Packet-06302026.pdf S7
- Treasurer Annual Report FY2025: https://statetreasurer.wyo.gov/wp-content/uploads/2025/12/Treasurers-Annual-Report-FY2025-Revised-12-7-25.pdf S5
Common questions
How large is the PWMTF?
USD 13.02 billion at market value on 30 June 2026. The USD 35 billion figure is the whole Treasurer portfolio. S7
Where does its income go?
To the state general fund each year; the corpus itself is inviolate. S1
Where does the money come from?
Mainly a 1.5 percent severance tax on minerals, plus legislative deposits. S1
Who runs it?
The Wyoming State Treasurer, Curtis E. Meier Jr., and the Treasurer's Investment Division. S6
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- Alberta Heritage Savings Trust Fund Canada (Alberta) · C$31.9B
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All sovereign wealth funds in North America · All sub-national permanent funds · All funds in United States
Sources
- S1Wyoming Constitution, Article 15
- S2Wyoming Legislature, chronological index of constitutional amendments
- S3IFSWF, Our members
- S4Wyoming Legislature, revenue and major funds databook 2021
- S5Wyoming State Treasurer, Annual Report FY2025
- S6Wyoming State Treasurer, The Office
- S7Wyoming State Treasurer, investment packet, 30 June 2026
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