Nevada Makes First Investment in Private Firm

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CARSON CITY, Nev. (AP) - A new Nevada equity fund has made its first private investment in a global sales force company.

State Treasurer Kate Marshall and fund manager Hamilton Lane announced the $2 million investment Monday to Miller Heiman Inc., a sales performance company based in Reno.

The Silver State Opportunities Fund was created by SB75, approved by the 2011 Legislature. The bill allows up to $50 million from the state's Permanent School Fund to be invested in private equity in Nevada. The goal is to help spur economic and job growth by assisting businesses in Nevada to expand or to help others relocate to the Silver State.

Investment earnings will benefit K-12 education.

Hamilton Lane, an independent financial institution, is a global private equity asset management firm.