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Appropriations Committee advances bill to create Wyoming generational investment account, approves as amended
Summary
The House Appropriations Committee voted 4-3 to pass Senate File 197 (House Bill 197), creating a Wyoming Generational Investment Account to invest state funds with an emphasis on private equity and private credit; the measure was amended to delay the account's start date by one year and failed to adopt an amendment converting transfers to loans.
Representative Aleman presented Senate File 197 (House Bill 197), a bill to create the "Wyoming Generational Investment Account," which would accept transfers or appropriations and invest them under a structure that emphasizes private equity and private credit. "The account shall be invested so that the overall risk profile of the account's investments shall not materially exceed the risk profile of a reference portfolio, that consists of 85% private equity and 15% private credit investments," the bill text reads as presented to the committee.
The bill sets out a baseline funding assumption of $100,000,000 per year into the account and a distribution rule that, beginning 30 years after the initial deposit, 37.5% of the account's investment earnings would be directed to the general fund each year. "The baseline of this entire deal is an assumption that a hundred million gets put in every single year," Senator Driscoll told the committee. Patrick Fleming, chief investment officer for the treasurer's office, described the proposal as…
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