Nevada Capital Investment Corp. hired Hamilton Lane to run $50 million in a private equity fund of funds for the $310 million Nevada Permanent School Fund, Carson City, confirmed Mark Mathers, Nevada’s chief deputy treasurer.
Nevada Capital is a board within the state treasurer’s office that oversees the permanent school fund's private equity program, at least 70% of which must be invested in Nevada-based companies.
An RFP was issued in January. Other finalists were Constitution Capital Partners, Credit Suisse and Sun Mountain Capital.
It's the first private equity allocation for the school fund, which previously has had all of its assets internally managed in fixed income.
Mr. Mathers said the treasurer’s office hopes to make a decision by the end of the third quarter on hiring active domestic equity managers to run $107 million in large caps, $19 million in midcaps and $9 million in small caps. An RFP was issued in May.