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New Mexico Investment Council commits record $100M in fund

ALBUQUERQUE, N.M. (AP) — 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. The council gave unanimous approval of the investment Tuesday into America’s Frontier Fund, the Albuquerque Journal reported. America’s Frontier Fund, or AFF, bills itself as the first investment platform committed to boosting technological innovation in the U.S. The money will come from New Mexico’s Severance Tax Permanent Fund toward venture firms that support local startups. The firm's CEO, Gilman Louie, says they will build a “venture studio” in Albuquerque and satellite studios around the state. They would offer support to major research institutions and new start-ups.