Signed by Governor Brian Sandoval

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.

Highlights:

• 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:
• Health care;
• Cyber security;
• Homeland security and defense;
• Alternative energy;
• 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).

Full Bill Text