State fund seeks investment manager

The Nevada Capital Investment Corp.'s board of directors is seeking a professional fund manager to evaluate and select venture capital and private equity funds to invest in Nevada.

The corporation was created by SB75 of the 2011 Legislature to draw private equity investment money that can help Nevada businesses expand and bring new businesses to the state.

Treasurer Kate Marshall said that based on the interest the program has generated in the private sector, "we expect to receive dozens of submissions to our RFP." The state's search is taking the form of a request for proposals.

She said the lack of private equity funds in Nevada has limited the opportunities for Nevada entrepreneurs. She said many economic experts have pointed that out as an area in which Nevada must expand its efforts.

The corporation is a nonprofit corporation overseen by a seven-member board including appointees by the governor and legislative leadership. Under SB75, up to $50 million from the state's Permanent School Fund can be invested in private equity. Earnings from the investments go to help fund K-12 schools.