The bill amends Section 7-27-5.15 of the New Mexico Statutes to modify the investment parameters of the severance tax permanent fund in relation to New Mexico private equity funds and businesses. Specifically, it establishes that no more than seven hundred million dollars ($700,000,000) of the fund may be invested in these entities, replacing the previous limit of eleven percent of the market value. Additionally, the bill removes previous language regarding the state investment officer's commitments to the small business investment corporation and the New Mexico finance authority, while introducing new requirements for investments made under the Small Business Recovery and Stimulus Act.

Furthermore, the bill mandates that the state investment officer report semiannually on the investments made under this section, detailing the amounts invested in each private equity fund and business, as well as how these investments align with the state's economic development objectives. The effective date for the provisions of this act is set for July 1, 2025.

Statutes affected:
introduced version: 7-27-5.15