Category: State Incentives, Grants & Loans
AGENCY: New Mexico State Investment Council (SIC)
DESCRIPTION: The SIC invests in private equity through limited partnerships to enhance the economic climate in the State of New Mexico.
The SIC, through the Private Equity Investment Program, provides a source of equity to finance:
• Start-up of new businesses.
• Expansion or turn around of existing businesses.
• Maximum Program Benefits: Equity investments provide the potential for a higher rate of return and portfolio diversification, while facilitating job creation.
• SIC invests in private equity through limited partnerships.
• Investment is long-term, normally 12 to 15 years.
• SIC is a silent investor, providing investment capital, but not making investment decisions.
• General partners of the limited partnerships are responsible for choosing and monitoring individual investments.
• The State Investment Officer may give consideration to investments in private equity funds whose investments enhance the economic development objectives of the state; provided such investments offer a rate of return and safety comparable to other private equity investments currently available.
• No more than 10% of the allocation may be invested in any one private equity fund.
• The SIC investment may not exceed 20% of the committed capital of any private equity fund.
• Visit http://www.state.nm.us/nmsic/private_equity.htm or call (505) 424-2500.