State of New Mexico to invest more dollars in funds actively investing in start-ups in state

The State of New Mexico recently announced that it will be investing more money in state-based businesses and start-up companies as it attempts to spur development and diversify the economy.

According to this article, the State Investment Council has voted to adopt recommendations that will target more financial commitments from the state’s private equity program to New Mexico and nationally-based venture capital firms that are actively investing in the state. The state program is funded by the severance tax permanent fund, a multibillion-dollar state trust that originates from taxes on oil and mineral extraction.

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