What if a desert state you barely noticed was quietly building the largest and most innovative sovereign wealth fund in America—transforming education, economic opportunity, and clean tech for generations to come?

Bio: Jon Clark is an Albuquerque native and the state investment officer for the New Mexico State Investment Council, which manages a $67 billion portfolio—one of the nation’s three largest sovereign wealth funds and on track to become the largest within 5–7 years. The SIC’s returns are projected to surpass oil and gas as the biggest contributor to the state’s general fund by 2043 and already provide over a quarter of K–12 funding and more than three-quarters of early childhood funding.

Jon is committed to strengthening New Mexico’s entrepreneurial ecosystem, and the SIC has invested $1.7 billion in New Mexico-focused venture funds over the last three years, fueling growth in advanced energy, deep tech, and aerospace and defense. These investments aim to attract billions more, create thousands of high-quality jobs, and elevate the state’s standard of living.

Before joining the SIC in 2024, Jon served as deputy and acting secretary of the New Mexico Economic Development Department, where he launched the Office of Entrepreneurship. He previously spent seven years with the Legislative Finance Committee as a fiscal analyst and chief economist, worked with the New Mexico Partnership on job recruitment, and supported technology commercialization at Sandia and Los Alamos National Laboratories. He holds an MBA in finance and marketing from UNM’s Anderson School and enjoys outdoor recreation across New Mexico.

This episode is sponsored by the coaching company of the host, Paul Zelizer. Consider a Strategy Session if you can use support growing your impact business.

Resources mentioned in this episode include:

Transcript of New Mexico’s Sovereign Wealth Fund with Jon Clark

NOTE: While it’s not perfect, we offer this transcript and the below summaries by Castmagic for those who are hearing impaired or who don’t find listening to a podcast enjoyable or possible.

Click here for full transcript of this episode.

Key Takeaways in New Mexico’s Sovereign Wealth Fund with Jon Clark

New Mexico’s Sovereign Wealth Fund is Transforming the State

New Mexico’s $67 billion sovereign wealth fund—on pace to become the largest in the U.S.—is powering a new era of economic stability, educational opportunity, and forward-thinking investment, moving the state beyond its historic boom-and-bust oil dependency.

"As a result of this one bill that the legislature passed and the governor signed, now the projection is that we are going to be providing the state growing revenues at least through 2050. And not only are they growing, but they're stable in a way that New Mexico has never experienced before. We've always been so subject to the boom and bust swings of the oil and gas industry. And now New Mexico has this growing stable revenue source...you can start doing some long term strategic planning that just was never possible before..."

Strategic Investment in Education, Social Infrastructure, and Deep Tech

The fund’s returns are already transforming the state’s prospects, providing critical support for free childcare, free higher education, rural libraries, and ambitious programs in water and advanced energy—while also catalyzing the nation’s largest state-backed deep tech venture ecosystem.

"This is providing 78% of all funding for early childhood programming. And it's also going to enable the state's new program that starts next month that provides for free child care across the state. New Mexico is going to be a very unique place in this country where we care for its people. Cradle to career. And these permanent funds that we manage play a significant role in how we're able to do that."

Building an Inclusive, High-Impact Entrepreneurial Ecosystem

By leveraging the fund’s resources, New Mexico is becoming a magnet for top-tier venture capital, innovation, and high-quality jobs—fostering an environment where in-state startups can thrive beyond the "valley of death" and national/global investors see the state as “America's sovereign wealth fund.”

"We are now able to work with top tier venture capital groups across the country, invest with them, and then say, you know, we're giving you 20% of the value of this fund. In return, we expect you to invest 20% of that total fund value into New Mexico...And they have just been so amazed with how easy it is to work with New Mexico state government to get projects going here that they are bringing more and more projects to us all the time."

383 | New Mexico is Building America’s Sovereign Wealth Fund with Jon Clark