# New Mexico Recovery Fund
The New Mexico Recovery Fund, LP is a $100 million Delaware limited partnership formed in 2020 in [Santa Fe, New Mexico](https://www.edgepedia.org/santa-fe-new-mexico), managed by Sun Mountain Capital as a State Investment Council-backed lending program for [New Mexico](https://www.edgepedia.org/new-mexico) companies hurt by the COVID-19 economic downturn.[1](https://www.sec.gov/Archives/edgar/data/1811006/0001811006-20-000001.txt) • [2](https://www.sic.state.nm.us/wp-content/uploads/2021/04/New-Mexico-Recovery-Fund-Overview-for-Potential-Applicants-April-7-2020.pdf) Although its SEC filing classifies it as a venture capital fund, the State Investment Council describes it as a loan program, not an equity investor: it makes short-term loans of up to $10 million to medium-to-large New Mexico businesses that were creditworthy before the pandemic.[1](https://www.sec.gov/Archives/edgar/data/1811006/0001811006-20-000001.txt) • [2](https://www.sic.state.nm.us/wp-content/uploads/2021/04/New-Mexico-Recovery-Fund-Overview-for-Potential-Applicants-April-7-2020.pdf)
| Fact | Detail |
|---|---|
| Legal name | New Mexico Recovery Fund, LP, a Delaware limited partnership at 527 Don Gaspar, Santa Fe, NM 87505[1](https://www.sec.gov/Archives/edgar/data/1811006/0001811006-20-000001.txt) |
| Formed | 2020; Form D filed April 30, 2020, first sale April 24, 2020[1](https://www.sec.gov/Archives/edgar/data/1811006/0001811006-20-000001.txt) |
| Size | $100,000,000 offered and sold per the Form D[1](https://www.sec.gov/Archives/edgar/data/1811006/0001811006-20-000001.txt) |
| Manager | Sun Mountain Capital, LLC; Brian Birk signed as Managing Member of the General Partner[1](https://www.sec.gov/Archives/edgar/data/1811006/0001811006-20-000001.txt) |
| Strategy | Short-term loans (up to $10M, 3–10% interest, 2–4 year terms) to medium-to-large New Mexico businesses[2](https://www.sic.state.nm.us/wp-content/uploads/2021/04/New-Mexico-Recovery-Fund-Overview-for-Potential-Applicants-April-7-2020.pdf) |
| Backer | New Mexico State Investment Council, via the NMPEIP program[2](https://www.sic.state.nm.us/wp-content/uploads/2021/04/New-Mexico-Recovery-Fund-Overview-for-Potential-Applicants-April-7-2020.pdf) |
| Status | Last private-fund report filed March 25, 2026 with a reported gross asset value of $17 million (directory data, unverified)[3](https://fundvendors.com/funds/805-6724220264) |
## Founding and the people behind it
The fund's general partner is Sun Mountain Capital, LLC, a Delaware limited liability company, and Brian Birk signed the Form D as Managing Member of the General Partner on April 29, 2020.[1](https://www.sec.gov/Archives/edgar/data/1811006/0001811006-20-000001.txt) Sun Mountain Capital was founded in 2006 and is headquartered in Santa Fe, NM; according to the firm's own October 2017 presentation to the New Mexico Legislature, it managed $529.6 million of assets on a discretionary basis and $223.2 million on a non-discretionary basis as of December 31, 2016, with operations in Santa Fe, Seattle, Madison, and Mexico City.[4](https://www.nmlegis.gov/handouts/IPOC%20101917%20Item%205%20New%20Mexico%20Private%20Equity%20Program%20Update.pdf)
Sun Mountain was already the state's long-standing private equity manager before the Recovery Fund. The firm reported that it had deployed $124 million into companies active in New Mexico as of March 31, 2017, and that its co-investment funds had invested in 30 New Mexico-active companies; these are the firm's own figures rather than independently audited results.[4](https://www.nmlegis.gov/handouts/IPOC%20101917%20Item%205%20New%20Mexico%20Private%20Equity%20Program%20Update.pdf)
## Strategy and mandate
The State Investment Council's April 7, 2020 applicant overview set the fund's purpose: to help New Mexico companies weather the economic impact of the COVID-19 public health crisis, targeting companies that were creditworthy before the pandemic.[2](https://www.sic.state.nm.us/wp-content/uploads/2021/04/New-Mexico-Recovery-Fund-Overview-for-Potential-Applicants-April-7-2020.pdf) Eligible borrowers had to have forty or more New Mexico employees, demonstrate a negative COVID-19 economic impact, and commit to spending at least 80% of loan proceeds in New Mexico.[2](https://www.sic.state.nm.us/wp-content/uploads/2021/04/New-Mexico-Recovery-Fund-Overview-for-Potential-Applicants-April-7-2020.pdf)
Loan terms were sized on 2019 operating expenses but capped at $10 million, with annual interest rates between 3% and 10% based on the borrower's credit attributes, repayment terms generally between two and four years, and most loans including a one-year period of deferred cash interest and principal.[2](https://www.sic.state.nm.us/wp-content/uploads/2021/04/New-Mexico-Recovery-Fund-Overview-for-Potential-Applicants-April-7-2020.pdf) The employee threshold and in-state spending requirement make the fund tied to New Mexico by design; no kept source documents any lending outside the state.
## By the numbers
The Form D reports the full $100,000,000 as sold as of April 30, 2020, with $0 remaining, under Investment Company Act Section 3(c)(1) and Rule 506(b).[1](https://www.sec.gov/Archives/edgar/data/1811006/0001811006-20-000001.txt) The filing declines to disclose the number of investors, so the split between State Investment Council money and any other limited partners is not documented in the kept sources.[1](https://www.sec.gov/Archives/edgar/data/1811006/0001811006-20-000001.txt)
Deployment lagged the headline commitment. State Investment Council performance data as of June 30, 2020, two months after the fund's first sale, shows $30.8 million contributed against the $100.0 million commitment, a net asset value of $30.5 million, a net multiple of 0.99x, and a net IRR of −2.0%.
The Recovery Fund sits inside a larger state apparatus. It is one of four approaches under the New Mexico Private Equity Investment Program (NMPEIP), alongside fund investments, co-investment funds, and the $20 million Catalyst Fund. NMPEIP, created by statute in 1993, is legally authorized to invest up to 9% of the Severance Tax Permanent Fund in New Mexico companies.[4](https://www.nmlegis.gov/handouts/IPOC%20101917%20Item%205%20New%20Mexico%20Private%20Equity%20Program%20Update.pdf) Across 1993–2020, the program reported 35 fund commitments of $314.5 million, 80 New Mexico-based companies receiving investments, $275.0 million invested at the State Investment Council level, and 1,239 total jobs with 555 jobs of growth since inception; these are program-reported figures, not independently verified outcomes.
## Recent developments
Independent reporting on the fund after 2020 is absent from the kept sources. The only post-2023 evidence is directory-grade: a fund profile reports that the fund first filed a private-fund report with the SEC on March 22, 2021 and last filed on March 25, 2026, with a latest gross asset value of $17 million.[3](https://fundvendors.com/funds/805-6724220264) A gross asset value down from the $30.5 million reported in mid-2020, in a fund whose mandate was short-term (2–4 year) loans, leaves the fund's post-2020 outcome undocumented in the kept sources.[3](https://fundvendors.com/funds/805-6724220264)
## References
1. SEC Form D — New Mexico Recovery Fund, LP (filed 2020-04-30, CIK 1811006). https://www.sec.gov/Archives/edgar/data/1811006/0001811006-20-000001.txt
2. New Mexico Recovery Fund — Overview for Potential Applicants (New Mexico State Investment Council, April 7, 2020). https://www.sic.state.nm.us/wp-content/uploads/2021/04/New-Mexico-Recovery-Fund-Overview-for-Potential-Applicants-April-7-2020.pdf
3. New Mexico Recovery Fund, L.P. — Fund Vendors profile (unverified directory data). https://fundvendors.com/funds/805-6724220264
4. New Mexico Private Equity Program Update (Sun Mountain Capital presentation, New Mexico Legislature IPOC handout, October 2017). https://www.nmlegis.gov/handouts/IPOC%20101917%20Item%205%20New%20Mexico%20Private%20Equity%20Program%20Update.pdf
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Venture capital firms of the Americas › Growth and multi-stage investors › Titles M to Y*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
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License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license