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Private
Equity
Investment Program
National
The State Investment
Officer (SIO) may invest in private equity funds upon
the approval of the Private Equity Investment Advisory
Committee and the State Investment Council. In making
investments, the SIO and Council "shall give
consideration to investments in private equity funds
whose investments enhance the economic development
objectives of the state; provided such investments offer
a rate of return and safety comparable to other private
equity investments currently available." No more than
10% of the allocation may be invested in any one private
equity fund. The SIC investment may not exceed 20% of
the committed capital of any private equity fund. The
SIC's national private equity program has achieved
annualized returns of 11.6% since inception, as of
5/31/11.
New Mexico
The State Investment Officer (SIO)
may invest in New Mexico private equity funds upon the
approval of the Private Equity Investment Advisory
Committee and the State Investment Council. A New Mexico
private equity fund must establish and staff a full-time
office in the state. In addition the private equity fund
must agree to invest or cause to be invested in New
Mexico companies, an amount equal or greater to the
State's commitment to their fund. The State Investment
Council may make co-investments in New Mexico
businesses, and currently does so through a New Mexico private equity
fund managed by Sun Mountain Capital. Sun Mountain is the fund's general partner,
and Sun Mountain also acts as the SIC's advisor in
vetting and recommending New Mexico venture or private
equity funds for investment.
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