New Mexico Sovereign Wealth Fund Turns Oil Revenue Into a $1.8 Billion AI-Era Venture Push

New Mexico's State Investment Council has put more than $1.8 billion into venture funds since 2022, using a revised sovereign-wealth strategy to connect the state's oil-and-gas endowment capital with Silicon Valley's AI and deep-tech boom. The program's 2025 report says an April 2025 policy change loosened earlier headquartering rules, allowing economic impact to count when out-of-state startups expand operations, jobs or infrastructure into New Mexico rather than only when they are headquartered there.