Nevada Capital Investment Corporation (NCIC)

Nevada Capital Investment Corporation (NCIC)

The Nevada Capital Investment Corporation was formed in 2011 under legislation championed by then-State Treasurer Kate Marshall. The NCIC invests up to 5% of the Nevada Permanent School Fund, a constitutionally protected trust funded by the sale of federal land grants dating to statehood. The Chairperson of the NCIC Board is the sitting Nevada State Treasurer, a role currently held by Zach Conine. The NCIC runs a concentrated private-markets portfolio spanning private equity buyouts, real assets, and infrastructure. The fund commits capital through primary fund investments, co-investments, and direct placements. Confirmed portfolio relationships include the Waterton Precious Metals Fund II, reflecting a meaningful allocation to natural resources and mining — an asset class that mirrors the state's own economic geology. The fund also deploys capital into small-business lending programs within Nevada through partnerships such as DreamSpring, bridging institutional private-equity allocations with local economic development. Governed by an independent board, the NCIC operates with a lean internal team and outsourced investment management. Recent public reporting indicates the board continues to evaluate co-investment pipelines and fund commitments, with the State Treasurer's Office maintaining oversight. No separate philanthropic arm exists; the Permanent School Fund's returns flow directly to Nevada's K-12 education distributions. Unlike Alaska's Permanent Fund or Texas's Permanent School Fund — which operate with dedicated external investment corporations — NCIC functions as a division of the State Treasurer's Office. This structural proximity to the Treasurer creates a tightly governed, politically accountable vehicle, but also caps the headcount and operational independence typical of larger sovereign peers.