New Mexico State Investment Council

The New Mexico State Investment Council is responsible for managing New Mexico's $20 billion permanent endowment, which includes three trust funds: the Severance Tax Permanent Fund, the Land Grant Permanent Fund, and the Tobacco Settlement Fund. Established in 1988 and based in Santa Fe, the Council oversees an endowment fund with approximately $15 billion in assets. It employs various alternative investment strategies, including buyouts, international private equity, mezzanine financing, and venture capital, committing between $5 million and $30 million per partnership. The fund aims for a net internal rate of return that exceeds the S&P 500 by 400 to 600 basis points, with a maximum allocation of about $720 million to alternative investments. The Council distributes over $750 million annually, primarily supporting public education programs and benefiting taxpayers in New Mexico. Its investment portfolio is diversified across various asset classes, including US equity, non-US equity, private equity, real estate, fixed income, and cash.