Section 355.330 - Requirements relating to private equity funds in which Corporation invests1. Funds in which the Corporation invests: (a) May include qualified private equity funds or other investment funds with an emphasis in venture capital, growth capital, buyout investments, mezzanine financing, distressed debt or secondary investments in private equity.(b) Must be managed by persons who have at least 10 years of: (1) Experience in commercial banking, private equity investing, mezzanine funding or venture capital; or(2) Other relevant investment experience.2. The managers of a fund in which the Corporation invests have a fiduciary duty to the Corporation with respect to the Corporation's investment in the fund.3. The fee structure of a fund in which the Corporation invests may consist of only a management fee and a performance fee. The management fee may not exceed 2.5 percent of committed capital. The performance fee may not exceed 20 percent of the net profits of the fund and must be distributed in a manner which aligns the interests of the general partner of the fund and the limited partners of the fund.4. A fund in which the Corporation invests must provide to the Board an annual financial statement prepared by an accredited audit firm.5. The Corporation must not be a general partner in a fund in which the Corporation invests.Nev. Admin. Code § 355.330
Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013; A by R046-23A, eff. 1/5/2024