NM SIC Puts Advisor on Notice

From capitolreportnewmexico.com -The previous council under then-Gov. Bill Richardson was plagued with accusations that the SIC made investments based more upon political ties than on the fiscal benefit of the commission, which is responsible for billions of public dollars. Some council members were surprised to learn from New Mexico Watchdog reports and subsequent media stories that Sun Mountain had invested an additional $2.5 million in state venture capital money in Growstone since 2008. All told, some $13.5 in taxpayer money has gone to the Earthstone/Growstone venture. Under an agreement that council members unanimously passed Tuesday, Sun Mountain Capital “consents to reasonable oversight of its management” of the private equity funds it is under contract to handle for the SIC as well as keep the council up to date on all investment activity while conducting “itself pursuant to the highest standards of ethics.”  More here

NM SIC Puts Advisor on Notice