Ex-AVCJ chairman elected Nevada state treasurer

Republican Schwartz replaces another Democrat, Kate Marshall, who has served the maximum permitted two consecutive terms. He won 51.46% of the vote to Wallin's 41.49%.

Schwartz was owner and CEO of AVCJ from 1992 to 2006, when he sold the business to its current owner, Incisive Media. He is also author of "The Future of Finance: How Private Equity and Venture Capital Will Shape the Global Economy."

He clashed with Wallin on investment policy in a televised debate ahead of the election, suggesting she wasn't qualified for the treasurer position due to a lack of familiarity with private markets. Schwartz has been critical of the Nevada Capital Investment Corporation, a $50 million PE fund set up by Marshall, which is losing money.

"Kim, I wrote the book on private equity," Schwartz said during the debate, according to the Las Vegas Review-Journal. "I would modestly suggest you and Kate [Marshall] know very little about private equity."

While Wallin claimed she could generate $10 million more each year for the state by closely monitoring the timing of investments, Schwartz said he could deliver an additional $30-40 million.

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