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The $63.7B New Mexico State Investment Council (NMSIC) approved up to $235M in new private equity commitments across venture, growth, and infrastructure strategies, with a strong focus on supporting economic development and emerging companies within the state.
Leading the allocations was a commitment of up to $100M to the J2 Infrastructure Tierra Adentro Fund, a newly launched growth infrastructure vehicle targeting telecommunications, data centers, energy, and quantum investments across New Mexico, according to materials from a recent board meeting. The fund, managed by J2 Infrastructure Partners, a 2025-formed affiliate of existing manager J2 Venture Partners, marks the NMSIC’s second “Strategic Structured Investment” under its Strategic Venture Capital Program (NMSVCP). The first was made to Lowercarbon Capital’s Zia-focused vehicle earlier this year.
Chris Cassidy, the SIC’s director of private equity, presented the Tierra Adentro strategy to the board, emphasizing its role in supporting mid-to-late stage companies scaling operations in the state. Cassidy noted the fund’s potential to address gaps in New Mexico’s venture ecosystem by bringing additional infrastructure and coaching resources to local founders.
Ongoing public education and discussion are underway to further refine the state’s venture strategy, including collaboration with the Economic Development Department (EDD) and its expanded technology and entrepreneurship office. A potential “VC navigator” role is also being explored to guide startups toward appropriate funding pathways, including alternatives such as the New Mexico Finance Authority and the NM Small Business Investment Corp.
In a move to deepen its relationship with established venture managers, the SIC also committed up to $75M to Bessemer Venture Partners Forge Fund II, a lower-middle market buyout and growth fund. Forge II targets software businesses with under $50M in recurring revenue, primarily focusing on scalable, capital-efficient companies.
Cassidy and Richard Pugmire, a partner and alternative investments director in the U.S. at Mercer, highlighted Forge II’s toolkits, pricing strategies, and acquisition playbooks as key differentiators. Bessemer operates four platforms globally: its flagship venture capital fund, a mid-to-late stage fund, an India venture fund, and its lower-middle-market software buyout platform.
In the biotech sector, the council approved two additional allocations of $30M each to TCG Fund VI and TCG Opportunities IV, both managed by the Column Group, a San Francisco-based life sciences investor. The firm, founded in 2007 by Peter Svennilson, Tim Kutzkey, and David Goeddel, is a longstanding partner of the SIC.
Cassidy emphasized TCG’s model of early-stage drug development through company creation, with exits typically driven by mergers and acquisitions. According to the meeting materials, Pugmire acknowledged the firm has undergone leadership transitions; however, he noted the changes appear well-structured and have not impacted the fund’s performance.
In the first quarter of 2025, growth, buyouts, and venture capital allocations generated net gains of $30.2M, $16.2M, and $12.1M, respectively, while special situations incurred a net loss of $0.2M.
