New Mexico SIC has doubled in size in the past 3.5 years, due to an accelerated inflow of oil royalties. At the end of 2025, it was the second largest SWF in the US, with US$ 70 billion in AuM, just behind Alaska PFC. We were delighted to speak with the State Investment Officer, Mr. Jon Clark, about the accelerated growth of the fund, the current strategy to put that capital to work, and the future outlook.