The Carlyle Group and AlpInvest Assume Management of Two Indiana Life Sciences Funds of Funds Totaling $130 Million
October 17 2013 - 7:00AM
Business Wire
Transfer of Indiana Future Fund and INext
from Third Party Brings Total In-state AUM Managed by Carlyle and
AlpInvest to $438 Million
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.comVideos: www.youtube.com/onecarlyleTweets: www.twitter.com/onecarlylePodcasts: 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 PartnersEmily-Jane Finigan,
+1-212-332-6403emily-jane.finigan@alpinvest.comorThe Carlyle
GroupElizabeth Gill, +1-202-729-5385Elizabeth.gill@carlyle.com
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