Jon Clark to Oversee New Mexico's $49B Savings Portfolio Amid Petroleum Windfall

The former economist will manage assets including the land grant permanent fund, with the state seeing a surge in income from oil and natural gas production.

• Jon Clark, a state cabinet secretary and former economist to the Legislature, has been selected to oversee New Mexico's $49 billion savings and trust accounts at the State Investment Council.
• Clark will manage financial assets including the New Mexico land grant permanent fund, which was built largely from petroleum production on state trust lands since the 1970s to benefit schools, hospitals and other public institutions.
• The management of New Mexico's state investments has become increasingly important due to a surge in state government income from oil and natural gas production in the Permian Basin.
• Voters last year approved an increase in annual distributions from the land grant fund to public schools and early childhood education programs.
• The State Investment Council also oversees New Mexico’s early childhood education trust, created in 2020 to generate investment earnings and underwrite an expansion of public preschool, no-cost child care and home nurse visits for infants. The fund already holds roughly $6 billion.

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