New Mexico State Investment Council, Santa Fe, is making its first foray into hedge funds. Officials at the $11.5 billion fund have not yet determined if the $350 million investment will be made directly in hedge funds, in hedge funds of funds or in some combination, said Charles Wollman, public information officer. The number of managers has not been set. Gary B. Bland, state investment officer and head of the fund, will likely conduct the search, said Mr. Wollman. Deadlines have not been determined.