alt Hacker NewsThey do this in Alaska's fund with great success[0] and Alaska is a deep red state. It's primarily funded by oil and gas revenue and other mineral royalties. Also thats only (at least) 25% of total revenue, the other 75% the state spends directly.
Norway's oil fund is another famous example mentioned in the article.[1]
[0]: https://apfc.org/
[1]: https://en.wikipedia.org/wiki/Government_Pension_Fund_of_Nor...
The oil is on Alaska/Norway's land, so they can choose what they want to do with money from selling that oil including distributing it or purchasing assets. Sanders seem to be proposing to arbitrarily seize half of the companies.