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Wyoming University Permanent Land Fund
The Wyoming University Permanent Land Fund traces its origin to federal land grants made at statehood, codified in the Wyoming Constitution, which designated...
Wyoming University Permanent Land Fund
The Wyoming University Permanent Land Fund traces its origin to federal land grants made at statehood, codified in the Wyoming Constitution, which designated 72 sections of trust land to generate perpetual financial support for the University of Wyoming. State Treasurer Curtis E. Meier, Jr. chairs the Investment Funds Committee that sets policy, while day-to-day portfolio management sits with CIO Karl Cheng within the Treasurer's Office. The fund's corpus consists of surface land, mineral acres, and commingled investment assets held in Pool A accounts in Cheyenne — an intergenerational endowment architecture that prohibits spending the principal. The fund operates across three distinct asset layers: agricultural surface leases, mineral extraction royalties, and a liquid investment portfolio commingled with other state trust assets. The surface estate generates grazing and crop-share revenues from Wyoming rangelands, while the mineral estate produces royalties from oil, gas, coal, and trona extraction. The pooled investment account, directed by Cheng, allocates across public equities, fixed income, real assets, and private market strategies — a structure that mirrors Wyoming's broader sovereign investment posture as managed by the State Loan and Investment Board. The State Loan and Investment Board, composed of Wyoming's five elected statewide officials including the Governor and State Treasurer, provides the governance layer. The fund's beneficiary structure is singular: all distributable income flows to the University of Wyoming, making it the institution's largest single source of state-derived financial support outside legislative appropriations. The land portfolio is managed by the Office of State Lands and Investments, while the financial assets are stewarded by the Treasurer's Office — a bifurcated operating model uncommon among US university endowments. Wyoming's permanent fund architecture is structurally distinct from most US public university endowments, which typically hold donated financial assets rather than constitutionally reserved real property and mineral rights. The dual revenue streams — surface income and pooled investment returns — create a natural inflation hedge and a commodity-cycle exposure that most educational endowments lack. University governance has no direct investment authority; the fund operates entirely within the state treasury system under elected-official oversight.
General information
Firm type
Sovereign Wealth Fund
Location
Region
North America
Country
United States
City
Cheyenne
Corporate office
Cheyenne, WY, United States
Principals
Curtis E. Meier, Jr.
Wyoming State Treasurer and Chair of the Investment Funds Committee
Karl Cheng
Chief Investment Officer, Wyoming State Treasurer's Office
Sector focus
Frequently asked questions
Who runs investment decisions for the Wyoming University Permanent Land Fund?
The State Loan and Investment Board (SLIB), composed of Wyoming's five elected statewide officials, sets investment policy for the fund. Day-to-day portfolio management is executed by Chief Investment Officer Karl Cheng and the investment team within the Wyoming State Treasurer's Office, which commingles the university's liquid assets with other state trust accounts in Pool A investment vehicles.
How does the fund's land-grant origin shape its asset mix?
The fund holds 72 sections of trust land granted at statehood, split between surface rights and mineral rights. Surface lands produce agricultural lease income, while the mineral estate generates royalties from oil, gas, coal, and trona extraction. Liquid financial assets are managed separately through the Treasurer's pooled investment accounts, creating a portfolio that blends real property, commodity exposure, and traditional market investments.
Is this fund structured more like a sovereign wealth fund or a university endowment?
It operates as a sovereign wealth fund embedded within Wyoming's state treasury system, not as a standalone university endowment. All investment authority sits with the State Loan and Investment Board and the State Treasurer's Office. The University of Wyoming receives income distributions but has no direct control over the corpus, which is constitutionally protected from spending down the principal.
What role do mineral royalties play in the fund's revenue?
Mineral royalties from oil, gas, coal, and trona extraction on university trust lands form a substantial revenue stream alongside surface leases. These royalty payments flow into the permanent fund and are commingled with investment income before distribution to the University of Wyoming. The commodity exposure embedded in the land estate creates revenue sensitivity to energy and mining cycles.
How is the fund governed, and who is accountable for performance?
The Wyoming State Loan and Investment Board — consisting of the Governor, Secretary of State, State Treasurer, State Auditor, and State Superintendent of Public Instruction — serves as the oversight body. The State Treasurer chairs the Investment Funds Committee and holds ultimate accountability for investment outcomes, while the Office of State Lands and Investments manages the physical land portfolio independently of the financial investment function.
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