Venture Capital Program


The Venture Capital Program Fund was created by the New Mexico Legislature in 2022 and amended in 2023 to enhance economic development activities of the state and create new job opportunities by making investments in venture private equity funds or New Mexico businesses for start-up, expansion, product or market developments, recapitalization, or early-stage development.

The New Mexico Legislature appropriated $35 million in 2022 and an additional $15 million in 2023 to capitalize the fund, allowing the state to attract and retain early-stage businesses while meeting job creation and other economic development goals.

Through an RFP process, NMFA selected the Meketa Investment Group to support as the investment consultant on the Venture Capital Program. In August 2023, the NMFA Board of Directors approved Rules and an Investment Policy governing program implementation and further detailing program mission and diversification objectives, eligibility, proposal and due diligence requirements, investment guidelines and restrictions.

 Also in August 2023, NMFA entered into a Memorandum of Agreement with the New Mexico Economic Development Department (NMEDD) to partner on the administration of the State Small Business Credit Initiative (SSBCI) in New Mexico. NMFA is currently supporting NMEDD on the deployment of its first tranche of SSBCI funding to equity/venture capital funds.

NMFA is actively evaluating potential investments in venture private equity funds. If you are a venture private equity fund seeking potential investment, please complete this interest form and a member of the NMFA staff will be in touch.

NMFA is not currently making direct investments in New Mexico businesses, however we welcome feedback from early stage New Mexico businesses raising investment capital, and we encourage New Mexico businesses to complete this interest form

Please check this webpage for updated information on the Venture Capital Program. To receive information once it’s available, please add your business to the mailing list. You may also email with specific questions.


Venture Capital Program Update - September 2023
Next Street - NM Small Business Capital Landscape Report
Venture Capital Investment Program Rules
Venture Capital Investment Policy
House Bill 104
Senate Bill 402