Domestic Sovereign Wealth Funds

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The United States is home to the first SWF. The Permanent University Fund (PUF) was established in 1854 as per the provisions set forth by the constitution of Texas. The monies generated by the PUF supplement the budget of the University of Texas and the Texas A&M University System, by as much as 50 percent (Matthews, 2006).

 

Among the top 10 domestic SWFs by asset size, the PUF is considered the largest with $ 55.2 billion in assets, followed by the Alaska Permanent Fund with $ 52.7 billion worth of assets under management. The North Dakota Legacy Fund, with $3.8 billion in assets, is the newest SWF to launch in the United States.

 

In 2009, the North Dakota assembly passed resolution No. 3054, and placed the proposition to start a SWF on the state’s 2010 general election ballot. The voters in North Dakota approved the measure and permitted the state to start a perpetual revenue fund from its depleting natural resources (Boubakri et al., 2016).

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Click to learn more about:

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The Governance Structure of Domestic SWFs

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The Impact of Political Economy on Practices of Domestic SWFs

The Effectiveness of Public Policy Governing Domestic SWFs

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