# Nevada Capital Investment Corporation (NCIC)

Nevada Capital Investment Corporation (NCIC) is a Sovereign Wealth Fund based in Carson City, United States.

## Overview

- **Organization type:** Sovereign Wealth Fund
- **Headquarters:** Carson City, United States
- **Region:** North America
- **Address:** Carson City, NV, United States
- **Founded:** 2011
- **Assets under management:** $500M – $2B (Altss estimate)
- **Website:** nevadatreasurer.gov

## Regulatory record

- **Reports private funds:** No

## About

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. 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.

## Sectors

- Private Equity
- Real Estate
- Infrastructure
- Private Credit
- Natural Resources

## People

- Zach Conine — Nevada State Treasurer and Chairperson of the NCIC Board
- Kate Marshall — Former Nevada State Treasurer and former Chairperson of the NCIC Board

## Questions

### Who runs investment decisions at the Nevada Capital Investment Corporation?

The NCIC is governed by a Board of Trustees chaired by the sitting Nevada State Treasurer, currently Zach Conine. The board sets investment policy and approves fund commitments and co-investments. Day-to-day management is supported by the Treasurer's Office staff and external consultants.

### Where does the NCIC's capital come from?

The NCIC invests a portion of the Nevada Permanent School Fund, a constitutional trust seeded by federal land grants to Nevada at statehood and augmented by tax and royalty revenues. State law permits NCIC to invest up to 5% of the fund's total assets in private markets.

### Does NCIC participate in fund commitments or only direct deals?

NCIC invests through both primary fund commitments and direct co-investments. Confirmed fund commitments include the Waterton Precious Metals Fund II. The fund also participates in local economic development programs, such as small-business lending through DreamSpring.

### How is NCIC related to the Nevada State Treasurer's Office?

NCIC is structured as a division within the Nevada State Treasurer's Office rather than a fully independent corporation. The State Treasurer serves as Board Chairperson, and the office provides administrative and operational support to the investment program.

### What investment stages and asset classes does NCIC target?

NCIC targets private equity (primarily buyout strategies), real estate, infrastructure, natural resources, and private credit. The fund does not venture into early-stage venture capital. Its natural-resources exposure is notable, including precious metals mining funds.

## Related profiles

- [Neuflize Vie](https://altss.com/profile/neuflize-vie)
- [Nevada Public Employees' Retirement System](https://altss.com/profile/nevada-public-employees-retirement-system-nvpers)

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Last updated: 2026-08-11T02:43:31.692Z

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