New Mexico's state investment agency is investing in a California firm in hopes of spurring investments in New Mexico business startups.
The State Investment Council on Tuesday approved a $10 million investment in Sierra Ventures.
The Silicon Valley venture capital outfit plans to establish a New Mexico office to make investments in startups in the state.
The firm that advises the New Mexico council on private equity investments recommended Sierra Ventures.
Managing Partner Brian Birk of Sun Mountain Capital said Sierra Ventures is known for building technology startups into large, successful companies.
The Albuquerque Journal reports the investment is the council's first since 2008, thanks to the Great Recession.
The council voted in January to restart the program, authorizing up to $40 million per year for new commitments.
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