Transfer of Indiana Future Fund and INext from Third Party Brings
Total In-state AUM Managed by Carlyle and AlpInvest to $438 Million
WASHINGTON & INDIANAPOLIS--(BUSINESS WIRE)--
Global alternative asset manager The Carlyle Group (NASDAQ: CG) and
AlpInvest Partners today announced that they have assumed management of
two funds of funds with a focus on Indiana life sciences companies: the
Indiana Future Fund (IFF), a $72.6 million fund of funds, and its $58.0
million successor, the INext Program (INext). The transfer from a third
party was approved October 1st by the funds' limited
partners, and brings assets managed by Carlyle and AlpInvest in the
state to approximately $438 million.
The Indiana Future Fund was raised in 2003 to invest in venture capital
funds that in turn would consider investments in life sciences companies
in Indiana. Investors in the IFF include Eli Lilly and Company, the
Indiana Public Retirement System, the Indiana University Foundation,
Indiana University, Purdue University, Indiana State University, Ball
State University Foundation, American United Life Insurance and
WellPoint Inc. INext, raised in 2009, invests in private equity firms
considering investments in Indiana life sciences companies. Investors
include Eli Lilly and Company, the Indiana Public Retirement System, the
Indiana State University Foundation, University of Notre Dame, Purdue
Research Foundation, Purdue University and the Richard M. Fairbanks
Foundation.
Darren Carroll, Lilly's vice president of corporate business development
and chairman of the advisory committees of the two funds, said, "Carlyle
and AlpInvest have shown a real commitment to our investment goals and
to the state of Indiana with their establishment of an office and
on-the-ground team as well as their stewardship of two other
state-focused investment vehicles. We are excited to also have them
managing IFF and INext, which together have brought the expertise of the
venture capital firms to bear in the state."
Jacques Chappuis, Managing Director and Head of Carlyle Solutions, said,
"We are pleased to take on IFF and INext with the goal of achieving
superior risk-adjusted returns, and being part of Indiana's innovative
approach to supporting the development of life sciences businesses in
the state. We look forward to supporting venture capital firms' efforts
to consider potential investment opportunities in Indiana life sciences
companies, and as a consequence create lasting economic benefits for the
Hoosier state."
These new management transfers follow two earlier mandate wins for
Carlyle and AlpInvest in Indiana. In June, the firms assumed management
on behalf of the Indiana Public Retirement System (INPRS) of the
already-invested $155 million Indiana Investment Fund I from a third
party, and in December 2012, INPRS selected Carlyle and AlpInvest to
invest and manage a $150 million successor fund, Indiana Investment Fund
II, focusing on Indiana-based direct investments, co-investments and
fund commitments.
Carlyle and AlpInvest have established a joint office in Indianapolis,
IN from which these investment mandates are managed by a dedicated team
of two investment professionals.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager
with $180 billion of assets under management across 118 funds and 81
fund of funds vehicles as of June 30, 2013. Carlyle's purpose is to
invest wisely and create value on behalf of its investors, many of whom
are public pensions. Carlyle invests across four segments — Corporate
Private Equity, Real Assets, Global Market Strategies and Global
Solutions — in Africa, Asia, Australia, Europe, the Middle East, North
America and South America. Carlyle has expertise in various industries,
including: aerospace, defense & government services, consumer & retail,
energy, financial services, healthcare, industrial, technology &
business services, telecommunications & media and transportation. The
Carlyle Group employs more than 1,400 people in 34 offices across six
continents.
Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary
About AlpInvest Partners
AlpInvest Partners is one of the largest private equity investors in the
world, with approximately US$48 billion of assets under management as of
June 30, 2013. AlpInvest's activities cover a broad range of private
equity investing, including Primary Fund commitments, Secondary
purchases and Co-Investments. The firm's investments span the full
spectrum of private equity: buyouts, venture capital, growth capital,
mezzanine, and distressed. AlpInvest manages programs for a number of
institutional investors globally.
www.alpinvest.com
AlpInvest Partners
Emily-Jane Finigan, +1-212-332-6403
emily-jane.finigan@alpinvest.com
or
The
Carlyle Group
Elizabeth Gill, +1-202-729-5385
Elizabeth.gill@carlyle.com
Source: The Carlyle Group
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