SovereignWealthFunds.comUS state sovereign wealth funds
The United States has no federal sovereign wealth fund, but its states have many funds that work in a similar way. We list 29 US state-level entities.
Most are permanent funds. Their capital is protected by a state constitution or law, and only part of the return can be spent. They are filled from oil and gas severance taxes, mineral royalties, or the sale and lease of land granted to the states for schools and universities. The Texas Permanent School Fund dates back to the Texas Constitution of 1845. The Alaska Permanent Fund pays a yearly dividend to residents: for 2026, US$1,000 per person plus a US$200 energy relief payment.
Other well-known examples include the New Mexico State Investment Council, the Wyoming Permanent Mineral Trust Fund and the Texas Permanent University Fund.
State funds tend to publish a lot. For sub-national funds, the median profile takes 94.5% of its cited facts from the fund's own website. Our table shows each fund's funding source, payout rule and size, with basis and date.
US state funds (29)
| Fund | Country | Type | Size, as published | Transparency | Founded |
|---|---|---|---|---|---|
| Alaska Permanent Fund | United States (Alaska) North America | Sub-national permanent fund | USD 91.9B Fund market value, | 10.0 | 1976 |
| New Mexico State Investment Council (SIC) | United States (New Mexico) North America | Sub-national permanent fund | USD 74.63B Net assets or equity, | 9.0 | 1957 |
| Texas Permanent School Fund | United States (Texas) North America | Sub-national permanent fund | USD 60.6B Net assets or equity, | 9.5 | 1845 |
| Texas Permanent University Fund (PUF) | United States (Texas) North America | Sub-national permanent fund | USD 40.29B Net assets or equity, | 9.0 | 1876 |
| Texas Economic Stabilization Fund (Rainy Day Fund) | United States (Texas) North America | Stabilisation fund | USD 24.8B Fund market value, | 4.5 | 1988 |
| North Dakota Legacy Fund | United States (North Dakota) North America | Sub-national permanent fund | USD 15.10B Net assets or equity, | 9.0 | 2010 |
| Permanent Wyoming Mineral Trust Fund | United States (Wyoming) North America | Sub-national permanent fund | USD 13.02B Fund market value, | 6.5 | 1974 |
| Arizona Permanent Land Endowment Trust Fund | United States (Arizona) North America | Sub-national permanent fund | USD 11.4B Fund market value, | 4.5 | 1912 |
| North Dakota Common Schools Trust Fund | United States (North Dakota) North America | Sub-national permanent fund | USD 8.87B Total assets (balance sheet), | 6.0 | 1889 |
| Wyoming Common School Permanent Land Fund | United States (Wyoming) North America | Sub-national permanent fund | USD 6.62B Fair value of state company holdings, | 6.5 | |
| Alabama Trust Fund | United States (Alabama) North America | Sub-national permanent fund | USD 4.19B Fund market value, | 8.5 | 1985 |
| Utah School and Institutional Trust Funds Office (SITFO) | United States (Utah) North America | Sub-national permanent fund | USD 4.05B Net assets or equity, | 8.5 | 2014 |
| Idaho Endowment Fund Investment Board (EFIB) | United States (Idaho) North America | Sub-national permanent fund | USD 3,588.7M Fund market value, | 8.5 | 1969 |
| Oklahoma Commissioners of the Land Office | United States (Oklahoma) North America | Sub-national permanent fund | USD 2.96B Fund market value, | 6.0 | 1907 |
| Oregon Common School Fund | United States (Oregon) North America | Sub-national permanent fund | USD 2,878.1M Fair value of state company holdings, | 7.5 | 1859 |
| Minnesota Permanent School Fund | United States (Minnesota) North America | Sub-national permanent fund | USD 2.40B (31 March 2026) Fund market value, | 6.5 | |
| Colorado Public School Fund Investment Board | United States (Colorado) North America | Sub-national permanent fund | USD 1.85B Fund market value, | 5.5 | |
| Louisiana Education Quality Trust Fund (8(g)) | United States (Louisiana) North America | Sub-national permanent fund | USD 1,768.5M Fund market value, | 5.0 | 1986 |
| Oklahoma Tobacco Settlement Endowment Trust | United States (Oklahoma) North America | Sub-national permanent fund | USD 1.72B Fund market value, | 5.5 | 2000 |
| Wisconsin Board of Commissioners of Public Lands (Common School Fund) | United States (Wisconsin) North America | Sub-national permanent fund | USD 1.56B (30 June 2025) Total assets (balance sheet), | 5.0 | 1848 |
| Montana Coal Severance Tax Trust Fund | United States (Montana) North America | Sub-national permanent fund | USD 1,323.3M Fair value of state company holdings, | 6.5 | |
| North Dakota Strategic Investment and Improvements Fund (SIIF) | United States (North Dakota) North America | Strategic development fund | USD 1.16B Fund market value, | 5.0 | 2011 |
| Nebraska Permanent School Fund (Board of Educational Lands and Funds) | United States (Nebraska) North America | Sub-national permanent fund | USD 1,081.3M Fair value of state company holdings, | 5.5 | 1867 |
| Alaska Mental Health Trust Authority Trust Fund | United States (Alaska) North America | Sub-national permanent fund | USD 754.5M Fund market value, | 6.5 | 1994 |
| Michigan Natural Resources Trust Fund | United States (Michigan) North America | Sub-national permanent fund | USD 725.6M Estimate Published estimate, | 5.0 | 1976 |
| Native Hawaiian Trust Fund (Office of Hawaiian Affairs) | United States (Hawaii) North America | Sub-national permanent fund | USD 656M Fund market value, | 6.5 | 1978 |
| Dakota Cement Trust (South Dakota) | United States (South Dakota) North America | Sub-national permanent fund | USD 392.3M Fund market value, | 5.5 | 2001 |
| Indiana Common School Fund | United States (Indiana) North America | Sub-national permanent fund | USD 390.7M Fund market value, | 3.5 | |
| Washington Permanent Common School Fund | United States (Washington) North America | Sub-national permanent fund | USD 292.1M (31 March 2026) Fund market value, | 7.5 |
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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.
