NEW MEXICO INVESTMENT COUNCIL COMMITS RECORD $100M IN FUND

New Mexico's State Investment Council is pledging $100 million to a tech-focused nonprofit, the council's biggest commitment on record to a single venture fund.

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The council gave unanimous approval of the investment Tuesday into America's Frontier Fund, the Albuquerque Journal reported.

America's Frontier Fund, or AFF, is the "first investment platform committed to reinvigorating our nation's innovation and manufacturing prowess in critical frontier technology sectors," according to its website. It combines private and public resources. The technology sectors the fund sees as potentially transformative include microelectronics, artificial intelligence, and new energy.

The money will come from the council's private equity program, which channels funds from New Mexico's Severance Tax Permanent Fund toward venture firms that support local startups.