Private equity plan launched

Gov. Brian Sandoval Thursday held a ceremonial bill signing to help launch the new private equity investment fund.

Senate Bill 75 was authored by state Treasurer Kate Marshall and allows money from the Permanent School Fund to be invested in Nevada businesses.

Marshall said it is a mechanism to provide private equity investments in Nevada for new businesses, existing businesses that are expanding or foreign businesses relocating to Nevada.

She said it "mirrors what many states have successfully accomplished by creating more balanced permanent school fund investment portfolio resulting in greater yields for K-12 education."

Marshall said Thursday some companies aware of the new law have already contacted business development organizations asking about it.

SB75 creates a nonprofit Nevada Capital Investment Corporation to manage the program and hire professional equity fund managers to partner with capital investment firms. They will select companies and help state efforts to grow and diversify Nevada's economic base.

"We met with dozens of stakeholders over the past nine months to create a bill that relied upon the successes of similar programs in other states that have helped pave the way for new industry development, economic diversification and job creation," she said.