In the past two decades or so, over 50 resource-rich countries have set up investment funds to store a portion of their revenues from oil, gas, or other mineral production and exports. They include the world’s very rich and the very poor countries, and democratic and autocratic regimes. Some resource funds have been successful in expanding national wealth, helping smooth out national business cycles and supplanting national incomes; others are less so; and a few simply squandered national wealth. Setting up a resource fund is not panacea to the social, economic, and political problems a country faces, nor is there one model all resource funds can follow in their governance and in their operation. This chapter draws some comparative lessons on why and how government justified to the public assigning a portion of revenue from producing and exporting natural sources to a separate account as an investment fund, the optimal governance structures to ensure the wealth is managed for the interest of the people, and investment strategies for the funds’ sustainability and expansion. A clearly defined legal framework, transparent governance structure, and rules-based investments are all helpful, but they do not determine the success or failure of NRFs. Understanding how domestic politics plays out at each stage of the fund’s development is what this chapter seeks to achieve.