The Nevada Capital Investment Corp., a non-profit board tasked with investing in Nevada-based businesses, announced that it has chosen Hamilton Lane, a private equity management and advisory firm, to oversee the $50 million Silver State Opportunity Fund, which is part of the Nevada Permanent School Fund, an endowment dedicated to K-12 education.
Because of the relative paucity of private equity firms in Nevada, Dave Helgerson, the managing director of Hamilton Lane’s in-state investment programs, told Buyouts that a majority of the fund’s money would likely be allocated to in-state co-investments. “It’s fair to say that we’ll make three to five fund investments, as well as five to 10 direct investments,” he said.
Hamilton Lane’s mandate involves finding, vetting and selecting Nevada private equity and venture capital funds, or out-of-state funds that invest in Nevada businesses. Hamilton Lane will also be responsible for co-investing in Nevada businesses or companies that seek to move to the state. Finally, the company plans to offer mentoring and networking for Nevada-based entrepreneurs.
Kate Marshall, Nevada’s treasurer and the corporation’s board chairwoman, said in a statement: “Hamilton Lane clearly demonstrated its ability to build a successful and sustainable private equity program in Nevada, which is critically important to Nevada’s economy.” The Silver State Opportunity Fund was created in 2011.
Miguel Luina, a vice president at Hamilton Lane, will be the firm’s in-state point person for the new program, and he will open a new office for the firm in Las Vegas. Luina reports to Helgerson.
Hamilton Lane already operates in-state programs in Idaho, New York, Florida and California. This business, said Helgerson, is important to the states that the firm partners with and to the company. “These programs are highly visible in the states we work with. … And there’s a lot of opportunity in these markets where there isn’t much capital available.”
Hamilton Lane is based in Bala Cynwyd, Pa., and has 170 employees and more than $163 billion in assets under direct management or supervision. The firm has offices in several U.S. cities, as well as London, Rio de Janeiro, Hong Kong, Tel Aviv, Singapore and Tokyo.