They 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]
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...