International Fund Commits $2MM to New Mexico Community Capital to Create Social and Economic Returns
Bernalillo, NM – March 27, 2007 - GKM
Newport, an international
fund manager,
announced this month that they made a
$2MM investment in New Mexico
Community Capital (NMCC), the state’s
only community
development equity fund. With this investment
and an additional investment from the New Mexico
Small Business Investment Corporation
(NMSBIC), the fund will grow to $11.5MM.
NMCC’s fund provides equity capital to
promising New Mexico businesses, typically in
locales and sectors in which this type of
capital is not traditionally available.
Through its IMPACT-New Mexico Business
Services, NMCC also provides entrepreneurial
expertise to portfolio and promising small
businesses in the state to help them
accelerate their growth.
NMCC’s fund has made investments
totaling $1.7MM in four portfolio companies
in New Mexico and is approximately 34%
invested and
reserved. GKM Newport’s investment will
help them expand their investment
capabilities to help grow existing New Mexico
businesses.
“This is an important investment in terms of
job creation and economic impact on our
communities,” stated New Mexico Governor Bill
Richardson. “I am pleased that a national
company like GKM Newport is becoming an active
participant in our efforts to grow New
Mexican businesses.”
“We’re looking forward to a long term
relationship with NMCC and are proud to be
included among NMCC’s investors,” said Tony
Rust, Senior Managing Partner for GKM
Newport.
The investment by GKM Newport is both
timely
and significant, according to Tom
Keleher. “An investment by a
national institution such as GKM Newport
further validates NMCC’s developing role as
an important Community Development Fund,” he
said. Furthermore, “The New Mexico Small Business
Investment Corporation invested
an additional $500,000 in the fund.”
GKM Newport manages a private equity fund of
funds, private equity separate accounts, and
private equity co-investments. It is one of
the nation’s leading financial management and
advisory companies, with offices on both U.S.
coasts and in Europe, and total client assets
of approximately $1 billion.