Concurrence Vote Passed
June 6, 2011
June 6, 2011
May 18, 2011
NOTE: THIS VOTE RECONSIDERS A PREVIOUS VOTE.
May 18, 2011(Key vote)
Title: Investment in Private Equity Firms
Vote Smart's Synopsis:
Vote to pass a bill that authorizes the State Treasurer to invest no more than $50 million in companies providing private equity funding to businesses that meet certain criteria.
Authorizes the State Treasurer to invest no more than $50 million from the State Permanent School Fund in limited partnerships or limited-liability companies that provide private equity funding to businesses that meet the following criteria (Sec. 6):
The business is located in the state of Nevada or is seeking to relocate to Nevada; and
The business is primarily engaged in one or more of the following industries:
Homeland security and defense;
Advanced materials and manufacturing;
Information technology; or
Any other industry that the Commission on Economic Development deems critical to the economic development of Nevada.
Prohibits the State Treasurer from using any portion of the $50 million to make venture capital investments (Sec. 6).
Defines "private equity funding" as an investment or purchase of securities in businesses that are not publicly traded on a stock exchange (Sec. 4).