CHEYENNE, Wyo. (AP) — The state of Wyoming plans to increase its investment in private equities.

The state's Loan and Investment Board voted Monday to invest up to $600 million in investments that aren't traded on the stock markets over the next three to five years. The state has more than $16 billion in its total portfolio.

The board includes Gov. Matt Mead and the other four statewide elected officials. They voted to invest $200 million each in Hamilton Lane of Philadelphia and Neuberger Berman of Dallas.

The state treasurer's office intends to research other firms to handle the remaining $200 million.

Bob Grady, a principal in Cheyenne Capital Fund, says his firm plans to bid to manage the remaining $200 million. It has handled state investments in private equity since 2003.