New Mexico State Investment Council
State investment fund Still adding venture funds
New Mexico State Investment Council reports 81 venture funds, $2.6B in all.
Holdings are from its report as of March 31, 2026. “Still adding venture funds”: its newest venture fund is a 2026 vintage, within 3 years of 2026.
The numbers
| Vintage | Venture funds |
|---|---|
| 2011 | 0 |
| 2012 | 0 |
| 2013 | 1 |
| 2014 | 0 |
| 2015 | 0 |
| 2016 | 1 |
| 2017 | 1 |
| 2018 | 1 |
| 2019 | 1 |
| 2020 | 4 |
| 2021 | 4 |
| 2022 | 13 |
| 2023 | 13 |
| 2024 | 10 |
| 2025 | 24 |
| 2026 | 6 |
Updates from New Mexico State Investment Council
All of New Mexico State Investment Council’s updates on Hottub VC
Largest venture holdings
From its report as of March 31, 2026.
| Fund, as reported | Manager | Vintage | Commitment |
|---|---|---|---|
| Lowercarbon Q>10, LP | Lowercarbon Capital | 2025 | $150M |
| Lowercarbon Zia, L.P. | Lowercarbon Capital | 2025 | $150M |
| Frazier Healthcare Growth Buyout Fund XI, L.P. Emerging manager | Frazier Group Management, LLC | 2024 | $120M |
| Pine Brook Capital Partners II, L.P. | Pine Brook | 2013 | $75M |
| Lux Ventures VIII, L.P. | Lux Capital | 2023 | $62M |
In the app: 76 more venture funds. Open New Mexico State Investment Council in LP Intelligence for every fund it holds and how to reach it, or find the LPs that back firms like yours.
How it invests
Steady: it backs its managers again about as often as most LPs that report fund by fund. It backed 75% of its managers again when they raised a later fund (60 chances), and stays with a manager 4.4 years on average.
From its own report and published commitments. How it invests in LP Intelligence: whether it kept committing through 2022–23, how much goes to managers on Fund I–III, and what it committed to lately.
LPs nearby
Within 100 miles, by city: a trip to one can take in the others.
How to submit
Emerging-manager program: New Mexico Private Equity Investment Program (NMPEIP), run by Mercer (advisor).
Private-markets consultant: Mercer (source).
In its words: “Mercer consults the Council regarding its private equity portfolio and performs due diligence on prospective fund investments." The Council may commit up to 11% of the Severance Tax Permanent Fund to New Mexico-focused private equity funds, and "Since 2022, the SIC has committed almost $700 million across 20 funds actively sourcing deals in New Mexico.”
Read from its own pages on October 19, 2026: sic.state.nm.us/investments/alternative-investments/priva…. Programs change; its site is the record.
About this data
Holdings as this LP reports them, fund by fund. Amounts are its commitment to each fund. Fund performance it reports is on each firm’s page. As of March 31, 2026. Source: New Mexico State Investment Council Private Equity Performance Updates: Fund Summaries (Active Funds). Funds are linked to a manager by name; a match can be wrong, and the original filing is the record. How Hottub reads its sources.
Net IRR and net multiple since inception as printed in the fund summaries of the quarterly performance updates that Mercer prepares for the Council (data source given as Invient), published in the Council's public meeting materials. The fund summaries head the two columns "Net" (Multiple, IRR); their total rows equal the "Net Multiple" and "Net IRR" of active commitments in the reports' dashboards. The net multiple is used as TVPI. The fund summaries give only committed capital, exposure (NAV + unfunded), net multiple and IRR for each fund, so contributions, distributions, total value and DPI are blank; contributions and distributions are reported by program and strategy only. Committed capital is reported in $ millions to one decimal and converted to whole dollars. Vintage year is defined by the reports as the year of the fund's first cash flow. 27 of the newest funds are marked N/A or NM (not defined in the reports) and lack an IRR, a multiple or both. The IRR of The Veritas Capital Fund IX, L.P. is printed as "#######" (not readable) and is blank. Frazier Healthcare Growth Buyout Fund XI, L.P. is printed with a negative multiple, imported as printed. Two reports are combined: the National Private Equity Program (175 active funds, $11,121.7 million committed; 32 Venture Capital, 93 Buyout, 33 Growth, 17 Special Situations) and the Strategic Venture Capital Program and New Mexico Private Equity Investment Program (Legacy) (83 active funds, $2,346.3 million committed; 76 Fund Investments, 5 Co-Investment Funds, 1 Catalyst Fund, 1 Recovery Fund). The second report covers the Council's New Mexico-focused venture and private equity commitments, including its own co-investment, catalyst and recovery vehicles. Active funds only: liquidated and sold funds are reported in aggregate, not by fund. The Private Debt, Real Estate and Real Assets reports in the same materials are not imported.
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