Top state lawmakers say they’re investigating why $50 million from the state’s primary savings account was invested in an outside private equity fund.

Former Revenue Commissioner Adam Crum committed to investing $50 million in state dollars in the fund shortly before his resignation took effect, according to his successor. The political website Alaska Landmine first reported the news and identified the outside fund as DigitalBridge, a digital infrastructure investment firm. Crum, who is running for governor, did not respond to a request for comment on Monday.

Senate President Gary Stevens, a Kodiak Republican, said in an interview that he and House Speaker Bryce Edgmon, a Dillingham independent, learned about the investment on a call with Gov. Mike Dunleavy on Sept. 30. They’ve asked the legislative auditor to look into it, he said.

“We’re not accusing anybody of anything. We’re trying to find the truth right now,” he said. “We’re in an investigative stage right now, as is the governor. I mean, he was very forthright in talking to us about this.”

Stevens and Edgmon issued a joint statement on Friday saying state officials should not make similar “high-risk investments” in the future without involving the Legislature.

“Regardless of whether the action was technically permissible under statute, decisions of this magnitude must not occur outside the view of the Legislature or the public,” the pair wrote.

Dunleavy’s office and the Department of Revenue did not respond to a series of questions seeking more information on the investment and whether it’s consistent with the state’s investment policies.

Crum’s successor, acting Revenue Commissioner Janelle Earls, says in a letter to the legislative auditor that Crum made the commitment July 28, roughly two weeks ahead of his planned resignation.

The money for the investment comes from the state’s main rainy-day fund, the roughly $3 billion Constitutional Budget Reserve. Unlike the Permanent Fund, the reserve is typically invested in safe, cash-equivalent assets that are easy to sell quickly, like short-term U.S. Treasury bills. Lawmakers have repeatedly drawn from the account in recent years to fill gaps in the state budget.

But private equity investments tend to be far less liquid — and Stevens said that undermines the purpose of the savings account.

“We’re concerned (about) what we’ve heard, whether it’s a proper investment, whether we are tying up monies that we shouldn’t be tying up,” Stevens said. “We just have limited savings these days, and we need to be very careful about protecting those savings.”

Stevens says he expects lawmakers will hold hearings on the issue.