SANTA FE — The state could invest more in New Mexico-based companies under legislation that won approval 30-9 in the state Senate.
The legislation, Senate Bill 136, would allow for up to 11% of the Severance Tax Permanent Fund to be invested in New Mexico private equity funds, businesses and startups. The current cap is 9%.
The change would boost the capacity by $113 million.
Supporters say the bill would support home-grown businesses and help diversify the state economy, all while adhering to prudent investment principles.