The newly named board of directors of the Nevada Capital Investment Corporation meets for the first time today in the Capitol Annex.
The program, Nevada's first private equity investment fund, was created by the 2010 Legislature at the urging of state Treasurer Kate Marshall.
The board will contract with a private industry fund manager to develop an investment plan and select private equity firms to invest in Nevada businesses. The board is also charged with developing a partnership between Nevada's System of Higher Education, investors and private industry.
Marshall said the purpose behind Senate Bill 75 was "to increase investment earning of the state's Permanent School Fund money.
"We are following the example of most western states that have implemented a more balanced portfolio," she said.
She said in addition to helping business investments, the program will result in more money for Nevada public schools.
SB75 allows non-tax dollars in the Permanent School Fund to be invested in new and existing businesses. The meeting is set for 1:30 p.m. in the Guinn Room of the Annex.
Members of the board are:
• Jim DeVold, former CEO of First Independent Bank
• Jerrie Merrit, senior vice president, Bank of Nevada
• Chris Howard, Northstar Investors Principal and director of Entrepreneurial Initiative at UNR
• David Goldwater, David Goldwater Consulting and a former Assemblyman
• James York, CEO of Valley Bank of Nevada
• Robert Lind, managing director of Berkshire Bridge Capital.
