# Nevada State Permanent School Fund

Nevada State Permanent School Fund 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
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

The Nevada State Permanent School Fund originates from the federal land grants endowed to Nevada at statehood, specifically Section 16 lands, with proceeds constitutionally dedicated to the State Distributive School Account. The fund operates as a perpetual trust — principal is preserved, and income is distributed annually to support Nevada's K-12 public education system. The Nevada State Treasurer, currently Zach Conine, serves as custodian, while the State Controller, Andy Matthews, handles the fund's financial reporting. This dual-officer structure separates oversight from accounting integrity. The fund's investment strategy combines a large fixed-income and cash portfolio with a growing alternatives program. Private-market exposure is executed through the Nevada Capital Investment Corporation (NCIC), a non-profit entity created to manage private equity, private credit, real assets, and infrastructure commitments. NCIC's approach favors primary fund commitments and direct co-investments, targeting mid-market buyout, growth equity, and real asset strategies across North America and Europe. The strategy also includes the Silver State Opportunities Fund, a Nevada-focused investment vehicle managed in partnership with Hamilton Lane, which directs capital toward in-state businesses and real estate projects. Nevada's fund maintains a deliberate small-team governance model, relying on external partners like Hamilton Lane for manager selection and portfolio construction. The Treasurer's office has no large in-house investment staff. In May 2024, Treasurer Conine announced a renewed focus on increasing transparency around the fund's allocation to Nevada-based investments, emphasizing the Silver State Opportunities Fund's role in driving local economic development alongside financial returns. This operational emphasis reflects a structural design where the fund serves both a fiduciary and an economic-development function — a dual mandate not typically found in passive index-driven educational endowments. What distinguishes the Nevada State Permanent School Fund from comparable state-level educational endowments is its explicit, policy-driven local investment mandate executed through a dedicated co-investment vehicle. The NCIC-Hamilton Lane partnership creates a hybrid structure: a sovereign-style permanent fund that behaves like a limited partner in global private markets while simultaneously operating as an in-state direct investor. This architecture ties the fund's risk-taking directly to Nevada's economic base, creating a structural alignment — and concentration risk — that most permanent funds avoid.

## Sectors

- Real Estate
- Private Credit
- Infrastructure
- Private Equity

## People

- Zach Conine — Nevada State Treasurer
- Andy Matthews — Nevada State Controller

## Questions

### Who runs investment decisions at the Nevada State Permanent School Fund?

The Nevada State Treasurer, currently Zach Conine, serves as custodian of the fund and chairs the Nevada Capital Investment Corporation (NCIC) board. Day-to-day investment management for private-market assets is delegated to Hamilton Lane, which acts as an outsourced CIO through NCIC, sourcing funds and direct co-investments.

### How is this fund different from the Texas Permanent School Fund or Alaska Permanent Fund?

Unlike the Texas fund (fueled heavily by oil and gas royalties) or Alaska's (directly funded by oil revenue), Nevada's Permanent School Fund is primarily land-grant-based, with revenue historically tied to surface land sales and leases. Its private-market program is notably smaller and relies on a single outsourced CIO relationship with Hamilton Lane, whereas Texas and Alaska maintain broader, more internally staffed investment divisions.

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

The fund participates in both, via the NCIC structure. The program emphasizes primary fund commitments across buyout, growth equity, and private credit. The Silver State Opportunities Fund, managed by Hamilton Lane, adds a direct and co-investment capability specifically targeting Nevada-headquartered or Nevada-operating companies and real assets.

### How does the Silver State Opportunities Fund fit into the portfolio?

The Silver State Opportunities Fund is a dedicated vehicle within NCIC that makes direct equity investments and co-investments in Nevada-based businesses and real estate projects. It serves the dual mandate of generating market-rate returns while driving in-state economic development, a policy priority of the current Treasurer's office.

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- [Neiman Marcus Group](https://altss.com/profile/neiman-marcus-group)
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Last updated: 2026-06-03T20:00:00.000Z

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