New Mexico State Investment Council, Santa Fe, committed $10 million to Blue Sage Capital, which focuses on growth-oriented companies and will open an office in New Mexico, said Greg Kulka, alternative investments portfolio manager. The $10.5 billion council oversees the $7.4 billion Land Grant Permanent Fund, the $3.8 billion Severance Tax Permanent Fund and the $50 million Tobacco Settlement Permanent Fund, as well as assets of other state agencies.
The investment is part of the councils search for venture capital and private equity firms that will establish offices or launch new funds focusing on investment opportunities in the state, said Mr. Kulka. The council plans to commit at least $70 million to the program this year, and council officials are especially interested in pre-seed, seed and early stage venture investors with expertise in commercializing technology developed in laboratories and state universities, Mr. Kulka said. Funding will come from the councils $3 billion internally managed domestic core bond fund.
Private equity adviser Pacific Corporate Group is assisting.