New Mexico's Wealth Fund Redirects Into Venture Capital, Tapping AI and Deep-Tech Boom

New Mexico is redirecting its massive sovereign wealth fund into venture capital and deep-technology startups, positioning the state to capture a portion of the artificial intelligence investment wave reshaping Silicon Valley. The State Investment Council, which manages $71 billion in permanent and endowment funds, has deployed $1.8 billion across venture capital funds since 2022, a shift made possible by statutory reforms that eliminated restrictions on the fund's investment approach.