Nevada Capital Investment Corporation Releases Request for Proposal to Enlist Professional Fund Manager
Posted January 26th, 2012
State Treasurer Kate Marshall, Chair of the Nevada Capital Investment Corporation (NCIC) Board of Directors, announced today that the NCIC has released a Request for Proposal (RFP) with the intent of hiring a professional fund manager who will be responsible for evaluating and selecting venture capital and private equity funds to invest in Nevada, as required by the passage of Senate Bill 75 during the 2011 Legislative Session.
“Based on the tremendous interest we have received from the private sector, we expect to receive dozens of submissions to our RFP, which will provide the Board with the opportunity and the ability to select a professional firm that will seek investments in businesses located in Nevada, looking to expand in Nevada, or in businesses wishing to relocate in Nevada,” Marshall said. “In accordance with SB 75, the fund manager’s primary and fiduciary investment responsibility is to generate a positive return; however, because of its statutory-mandated focus on Nevada, an ancillary benefit will be increased economic development and employment in Nevada.”
Submissions for the RFP must be received by the State Treasurer’s Office by March 9, 2012. A committee will then review all submissions and provide the NCIC Board its recommendations as to the top candidates. The NCIC will be tasked with selecting the top vendor.
The fund manager will be responsible for the development of an investment plan for approval by the Board, selection of private equity funds that will invest in Nevada businesses, for providing mentoring and networking opportunities for Nevada entrepreneurs, and for developing a collaborative partnership between Nevada System of Higher Education institutions, investors, and private industry.
“SB 75 has the ability to play a significant role as the state endeavors to address the funding gap and undercapitalization that exists today for venture capital and private equity funding in general in Nevada, a shortcoming that many economic experts have pointed to as an area where Nevada must expand its efforts.” Marshall said. “While the NCIC’s focus is on return, SB 75 also has the capability of fostering an entrepreneurial ecosystem in our state and creating a funding pipeline for growing businesses that before had to look to investors in other states for financial support.”
SB 75 created the NCIC, a nonprofit corporation overseen by a seven member Board, including appointees by the Governor and the Legislature. Under SB 75, up to $50 million from the state’s Permanent School Fund may be invested in private equity. The Permanent School Fund is comprised of non-tax dollars. Earnings from the fund go to Nevada’s K-12 schools.
For more information about the NCIC, go to NevadaTreasurer.gov, and click on the NCIC link in the top navigation bar, or directly to https://nevadatreasurer.gov/NCIC.htm. You can also contact Chief Deputy Treasurer Mark Mathers at mdmathers@nevadatreasurer.gov for more information.
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