SovereignWealthFunds.comNew Mexico State Investment Council (SIC)
SIC: what it invests in
Geography Global
SIC: how big it is, and on what basis
In US dollars: about USD 74.63B. Published in US dollars.
Land Grant 10-year return 6.0% a year (to end 2024)
SIC: what it publishes
Published 8 · Partly 2 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The New Mexico State Investment Council manages the state's permanent and reserve funds, built mainly on oil, gas and state land revenue. Net assets under management were USD 74.63 billion at 31 July 2026. The Land Grant Permanent Fund (USD 41.0 billion) mainly pays public schools; the Severance Tax Permanent Fund and the Early Childhood Education and Care Fund are the next largest. Money is invested globally through external managers. S5 S2
Key points
- Three funds hold about 90 percent of assets: the Land Grant Permanent Fund, the Severance Tax Permanent Fund (USD 13.5 billion) and the Early Childhood fund (USD 11.7 billion). S5 S6 S4
- Assets grew by about USD 5.8 billion in fiscal 2026, and the state investment officer projects USD 100 billion by 2030. S4
- Projected to send USD 42 billion to the state over the next decade, for childcare, schools and tuition-free college. S2
- Land Grant fund mix at 30 June 2026: US equities 21.6 percent, non-US equities 22.6 percent, private equity 9.5 percent, real estate 7.0 percent. S6
- A Strategic Venture Capital Program of USD 1.12 billion and a New Mexico private equity book of USD 276 million target local growth. S5
- The Land Grant fund returned 6.0 percent a year over ten years to end 2024. S7
- Monthly holdings reports appear about five weeks after month end, and Council meetings are webcast. S5 S2
Interesting facts
- The Land Grant fund traces back to federal land grants of 1893 and 1910, made ahead of statehood in 1912. S1
- Fund income pays for about 80 percent of pre-kindergarten and nearly a third of K-12 education in New Mexico. S4
- The Early Childhood fund started with USD 300 million on 1 July 2020 and held USD 11.7 billion six years later. S1 S6
Mandate and goals
The Council aims to protect and grow the funds it holds, spread risk, report openly and pay out returns for the benefit of all New Mexico residents. S8
- Preserve the permanent funds for future generations while paying steady distributions. S8
- Fund 21 beneficiaries of the Land Grant fund, led by public schools at nearly 90 percent. S2
- Diversify widely; a 2014 amendment removed the 15 percent cap on international equities. S1
- Support New Mexico growth through venture capital, private equity and small business programmes. S5
- Spending rule: Distributions follow a formula based on average fund values over prior years; about USD 2.8 billion was expected for fiscal 2026. S4
How it invests
| Industries | Technology, Real estate, Infrastructure and utilities, Financial services, Healthcare and life sciences. Sector agnostic S6 S5 |
|---|---|
| Asset classes | Public equities, Fixed income, Private equity, Venture capital, Private credit, Real estate, Infrastructure, Cash and money markets S6 |
| Stages | Public markets, Buyout, Venture, Credit, Real estate, Infrastructure S6 S5 |
| Geography | Global. Global, with roughly equal US and non-US equity in the Land Grant fund, plus targeted New Mexico programmes S6 |
| Direct / through funds / co-invest | No / Yes / Not published S6 S2 |
| Ticket size | No ticket size is published. S5 |
| External managers | External managers run the pools; searches are posted as requests for proposals on the SIC website S6 S2 |
| Co-investment programme | No co-investment programme is published S6 |
Asset mix: Total equities 42.63%, Public market strategies 19.57%, Private market strategies 8.79%, Private equity 7.84%, Real return 6.78%, Real estate 6.64%, Strategic venture capital 1.36%, Cash pool 1.46% (as of 2026-06-30) S6
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2026 | Private Debt Market Pool. Private debt funds across all SIC funds, 9.0 percent of assets at 31 July 2026. S5 | Fund commitment | Multi-sector | Credit | USD 6.75B (value) |
| 2026 | Private Equity Pool. Private equity funds, 8.0 percent of assets. S5 | Fund commitment | Multi-sector | Buyout | USD 5.97B (value) |
| 2026 | Real Estate Pool. Real estate funds, 6.7 percent of assets. S5 | Fund commitment | Real estate | Real estate | USD 5.00B (value) |
| 2026 | Strategic Venture Capital Program. Venture programme within the Severance Tax fund, at 8.3 percent of that fund against a 9 percent target. S5 | Fund commitment | Technology | Venture | USD 1.12B (value) |
| 2026 | Private Equity, New Mexico. Private equity aimed at New Mexico companies. S5 | Fund commitment | Multi-sector | Growth | USD 276M (value) |
Case studies
Early Childhood fund: from USD 300M to USD 11.7B S1 S6 S4
- What: The Legislature created the Early Childhood Education and Care Fund in 2020 and gave it to the SIC to invest.
- When: 2020 to 2026
- Size: USD 300M at launch; USD 11.67B in June 2026
- Why: To pay for childcare and pre-kindergarten from oil and gas windfalls rather than the yearly budget.
- Outcome: Fund income now pays about 80 percent of pre-kindergarten costs.
Backing local venture capital S5
- What: The Strategic Venture Capital Program invests Severance Tax fund money in venture funds and companies linked to New Mexico.
- When: Ongoing
- Size: USD 1.12B at 31 July 2026
- Why: To add return and grow the state's venture ecosystem.
- Outcome: At 8.3 percent of the Severance Tax fund against a 9 percent target.
2010 governance reform S1
- What: State law replaced an agency led mainly by executive officers with a Council of elected officials and appointees.
- When: 2010
- Size: Not published
- Why: To spread major investment decisions beyond one or two people.
- Outcome: The Council now has 11 members, chaired by the Governor.
Investment process
An 11-member Council chaired by the Governor sets policy and approves investments; the State Investment Officer and staff run the pools and recommend managers. S3 S1
| Committee | Role |
|---|---|
| State Investment Council | Eleven members: five ex officio, including the Governor as Chair, and six public members S3 |
- The Council approves an annual investment plan with target weights for each fund. S2 S6
- Staff run manager searches, posted as requests for proposals on the SIC website. S2
- The Council approves managers at monthly public meetings, which are webcast. S2
- Holdings and values are reported monthly and audited each fiscal year. S5 S9
How to approach: Managers respond to requests for proposals posted on the SIC website. The SIC does not raise outside capital. S2
Size and returns
- Headline size: USD 74.63B (Net assets or equity, as of 2026-07-31) S5
- In US dollars: about USD 74.63B. Published in US dollars.
- Total net position, audited: USD 67.06B (30 June 2025) (Net assets or equity, as of 2025-06-30) S9
- Land Grant Permanent Fund: USD 41.01B (Fund market value, as of 2026-07-31) S5
- Severance Tax Permanent Fund: USD 13.51B (Fund market value, as of 2026-07-31) S5
- Return, 10 years to 31 December 2024: 6.0 percent a year (Land Grant Permanent Fund only) S7
- Size over time (USD billion): 2014 12, 2021 22, 2024 57.48, 2025 67.06, 2026 75.14 S4 S6 S9
Leadership
| Name | Title |
|---|---|
| Michelle Lujan Grisham | Governor of New Mexico; Council Chair S3 |
| Jon Clark | State Investment Officer S4 |
| Stephanie Garcia Richard | State Land Commissioner; Vice Chair S3 |
| Laura M. Montoya | State Treasurer; Council member S3 |
| Wayne Propst | Secretary, Department of Finance and Administration; Council member S3 |
| Nicolas Telles | Council member (higher education CFO seat) S3 |
| Catherine Allen | Public member S3 |
| John Bingaman | Public member S3 |
| Kelly O'Donnell | Public member S3 |
| Mary Rohman | Public member S3 |
| Allen Sanchez | Public member S3 |
| Kurt A. Sommer | Public member S3 |
Governance and transparency
- Legal basis: New Mexico Constitution and state statute; the Uniform Prudent Investor Act was adopted into the constitution in 2014 S1
- Oversight: State Investment Council, with reports to the Legislature and the State Auditor S3 S9
- Auditor: Independent audit for the State Auditor; unmodified opinion on FY2025 S9
- Not an IFSWF member; the SIC calls itself a US sovereign wealth fund. S2
- Publishes an annual investment plan, performance reports and a venture programme annual report. S2
Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 1893 | Ferguson Act land grants; more followed in the 1910 Enabling Act. S1 |
| 1957 | State Investment Council created. S1 |
| 1958 | Constitutional amendment moves the Land Grant fund to the Council. S1 |
| 1973 | Severance Tax Permanent Fund established. S1 |
| 2000 | Tobacco Settlement Permanent Fund created. S1 |
| 2010 | Governance reform creates the balanced Council. S1 |
| 2014 | International equity cap removed. S1 |
| 2019 | Takes on the Tax Stabilization Reserve. S1 |
| 2020-07-01 | Early Childhood fund launched with USD 300M. S1 |
| 2026-07-31 | Net assets of USD 74.63B. S5 |
For family offices
The SIC invests only state money and has no programme for outside investors. Families meet it as fellow LPs in the funds it backs, including New Mexico-focused venture funds. S2 S5
- Investing alongside the SIC as LPs in private equity, private debt and real estate funds. S6
- Managers can bid for mandates through requests for proposals. S2
- New Mexico venture funds and companies can seek capital from the Strategic Venture Capital Program. S5
- Strategic Venture Capital Program: Venture funds and companies with a New Mexico link S5
Reports
- Investment Holdings Report, 31 July 2026: https://www.ssp.nm.gov/documents/investment/118600.pdf S5
- Audit report, fiscal 2025: https://api.realfile.rtsclients.com/PublicFiles/7c4d03015a164367930068bfbb95f6a0/51808c35-0513-4560-aaa7-f9fe7265ee8c/Audit%20Report%20FY2025.pdf S9
Common questions
How big is the New Mexico State Investment Council?
USD 74.63 billion of net assets under management at 31 July 2026. S5
Who runs it?
State Investment Officer Jon Clark, under an 11-member Council chaired by the Governor. S4 S3
Where does the money come from?
State land rents and royalties, severance taxes on oil, gas and minerals, the tobacco settlement and appropriations. S1
Who benefits?
Public schools receive nearly 90 percent of Land Grant fund payouts; other funds pay for childcare, universities and other programmes. S2
How can a manager work with the SIC?
By answering requests for proposals posted on the SIC website. S2
Related profiles
- Alaska Permanent Fund United States (Alaska) · USD 91.9B
- Texas Permanent School Fund United States (Texas) · USD 60.6B
- Texas Permanent University Fund (PUF) United States (Texas) · USD 40.29B
- Alberta Heritage Savings Trust Fund Canada (Alberta) · C$31.9B
- North Dakota Legacy Fund United States (North Dakota) · USD 15.10B
- Permanent Wyoming Mineral Trust Fund United States (Wyoming) · USD 13.02B
All sovereign wealth funds in North America · All sub-national permanent funds · All funds in United States
Sources
- S1New Mexico State Investment Council, History
- S2New Mexico State Investment Council, home page
- S3New Mexico State Investment Council, Council members
- S4Santa Fe New Mexican, state fund on track to pass Alaska by 2030, 2 July 2026
- S5New Mexico SIC, Investment Holdings Report, 31 July 2026
- S6New Mexico SIC, Investment Holdings Report, 30 June 2026
- S7New Mexico Legislative Finance Committee, quarterly investment report to 31 December 2024
- S8New Mexico State Investment Council, Mission and vision
- S9New Mexico SIC, audit report for the year ended 30 June 2025
Disclaimer
Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.
