Nevada Capital Investment seeks manager for state’s $50 million investment fund

The Nevada Capital Investment Corp. is looking to hire a fund manager to oversee the state's $50 million investment fund. The investment program, which is the first for Nevada, was created by Senate Bill 75 and approved by the 2011 Legislature.

The fund manager will be responsible for development of an investment plan and selection of private equity funds that will invest in the Silver State.

"Based on the tremendous interest we have received from the private sector, we expect to receive dozens of submissions," Kate Marshall, state treasurer and chair of the NCIC, said in a statement Wednesday.

The NCIC is looking to invest in technology, manufacturing, biotechnology and other industries located here or interested in moving to Nevada. The fund's resources come from the state's Permanent School Fund.

Marshall said because of the fund's mandated focus on Nevada, a "benefit will be increased economic development and employment in Nevada." The fund manager is responsible for ensuring 70 percent of the investments are Nevada-based.

The deadline for submissions is March 9, Marshall said.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.