SIC to discuss Growstone, Earthstone investments

New Mexico Business WeeklyThe New Mexico State Investment Council has faced a lot of media flack in recent weeks over investments in two homegrown companies, Earthstone International and Growstone Inc. The state has an $11 million stake in Earthstone, and $2.5 million in Growstone. Earthstone hasn’t received any new SIC money since 2008. But Sun Mountain Capital, which manages the SIC’s $90 million Co-Investment Fund, contributed to a $3 million round of financing for Growstone this year. a company that was spun out of Earthstone in 2008 as a separate business. The Growstone investment drew attention from the Rio Grande Foundation, which published critical reports in 2009 alleging close political ties between Earthstone founders and former Gov. Bill Richardson might have encouraged the SIC to invest. This month, the Foundation’s online news site, the New Mexico Watchdog, published another series of blogs criticizing the SIC investment and Earthstone’s apparent difficulties in the market. Read More News New Mexico



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