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Indiana Pension Fund Allocates $100M to VC
With assets totalling more than $15 billion, the Indiana Public Employees Retirement Fund (PERF) has decided to place $100 million into higher-risk equity placements through its first Indiana Investment Fund. The fund will exclusively target venture capital deals within Indiana, according to the PERF news release. Like pension funds in many states, PERF has a requirement to place a certain percentage of its assets in private equity. The PERF goal is 5 percent and includes real estate deals as well. The new fund will help, as only one-half percent of PERF assets presently are invested in a manner to meet the requirement.
The Indiana Investment Fund I will be managed by Credit Suisse, which is chipping in $5 million to raise the total available for placement to $100 million. Indiana business investment opportunities in the $1 million to $15 million range will be targeted. PERF's traditional investment decisions, for comparison, are typically in the $50 million to $100 million range.
Indiana Investment Fund's launch more than doubles the amount of investment capital specifically targeted at Indiana ventures. Also, managed by Credit Suisse for BioCrossroads, the $73 million Indiana Future Fund is a fund of funds seeded by Indiana's public pension funds, Eli Lilly and Company, WellPoint Inc., Indiana University, Indiana University Foundation, Purdue University, Ball State University Foundation, American United Life Insurance Company, Indiana State University Foundation and Guidant Corporation.
The Indiana Future Fund targets life science and biotech opportunities and has made five investments since its launch in 2003. No technology or industry emphasis has been designated for PERF's Indiana Investment Fund I. More information is available at: http://www.in.gov/perf/agency/Indiana_Investment_Initiative.html