The floodgates are not yet open, but New Mexico may finally be emerging from a six-year venture capital drought thanks to renewed vigor at the State Investment Council to embrace private equity programs.
Last week, the SIC approved the establishment of a new $20 million “fund of funds” to help finance seed and early-stage investments in startups around New Mexico. The money will be channeled into micro funds statewide that, along with matching dollars from private investors, could raise $40 million or more for the growing slate of companies emerging from New Mexico’s business accelerators, incubators and other programs.
