(Its later-stage fund makes the bigger bets beyond that.) Menlo has long counted Washington State as its anchor tenant, and this fund is no different, having secured a $125 million commitment from its investment board. A newer investor, says Ganesan, is the State of New Mexico Investment Council, which is one of three new investors in the fund — all of which were introduced to Menlo through other investors, and all of which agreed to back the firm via Zoom. Given the firm's recent exits, institutional interest in the new fund isn't surprising.