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Carlyle, AlpInvest gain control of two Indiana life sciences fund of funds

17 Oct 2013

IndianaThe Carlyle Group and its recently-acquired fund of funds arm AlpInvest have assumed management of two vehicles focused on backing funds targeting Indiana life sciences companies.

The transfer of the $76.2m Indiana Future Fund and its $58m successor, the INext Program, bring the assets managed by Carlyle and AlpInvest in the state to about $438m.

IFF, which is backed by LPs including the Indiana Public Retirement System (INPRS), Eli Lilly and American United Life Insurance, was raised in 2003, while INext is a 2009-vintage vehicle.

Carlyle Solutions head Jacques Chappuis 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.”

The new management transfers follow two earlier mandate wins for Carlyle and AlpInvest in Indiana.

In June the firms assumed management on behalf of the INPRS of the already-invested $155m Indiana Investment Fund I from a third party.

Last December INPRS selected Carlyle and AlpInvest to invest and manage a $150m successor fund, Indiana Investment Fund II, focusing on Indiana-based direct investments, co-investments and fund commitments.

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