New Mexico Commits $1.8 Billion of Oil Wealth to Venture Funds in AI-Era Tech Push

New Mexico is using oil-and-gas wealth to become an unusually active limited partner in Silicon Valley venture capital, committing more than $1.8 billion to more than 30 venture firms since 2022 as it tries to capture returns and jobs from the AI-era buildout. The state-run fund says a 2025 policy change broadened how portfolio-company impact is counted, making it easier for companies headquartered elsewhere to contribute to New Mexico's economy by expanding operations in the state rather than relocating their headquarters.