The New Mexico State Investment Council (NMSIC) has revised its private equity policy, raising its venture capital target allocation from 0-5% to 10-25%, increasing its current 8% exposure. This decision follows recommendations from the pension fund’s staff and aims to diversify its portfolio by increasing the number of fund managers from nine to 15-25 for national investments, while targeting 25-30 for its in-state program. NMSIC plans to commit $929 million to private equity this year, with projections to exceed $1 billion in 2024, ultimately reaching $1.32 billion by 2028, alongside enhanced co-investment activities.