Indiana Investment Fund Commitments Top $78 Million
$155 million fund targets prudent Indiana investments
INDIANAPOLIS (April 27, 2007) - Indiana Investment Fund commitments have topped $78 million since the fund's inception in June 2006. A report from the fund's manager, Credit Suisse, was presented Friday to the board of trustees of the Indiana Public Employees Retirement Fund (PERF).
The IIF was launched in June 2006 with a $100 million commitment from PERF and a $5 million investment by the fund's manager, Credit Suisse. In March 2007, the fund added $50 million from the Indiana Teachers' Retirement Fund in a sidecar Fund A, boosting the overall IIF to $155 million.
A total of $60 million has been committed to three Indiana-related investment funds: CID Capital Opportunity Fund, Centerfield Capital Partners II and Hammond Kennedy Whitney Capital Partners III. In addition, three direct investments totaling $18.2 million have been made in Indiana businesses.
"When I developed the idea for this fund, this is exactly what I envisioned," said PERF Executive Director David Adams. "In less than a year, the IIF has made significant new investments and commitments that will benefit our members while supporting the Indiana economy."
The IIF includes two investment components. The first focuses approximately $60 million on direct investments in quality businesses. The second component of approximately $40 million invests in Indiana-based private equity groups. In addition, the $50 million Fund A focuses exclusively on the Indiana-based private equity component of investments.
The IIF targets non-life science business investment opportunities. It invests in firms doing business in Indiana, companies looking to expand or move operations to Indiana, and firms that invest in Indiana. Each investment undergoes rigorous review and meets PERF's traditionally high rate of return expectations.
The Public Employees' Retirement Fund (PERF) is a $16.4 billion retirement fund headquartered in Indianapolis that serves the needs of more than 220,000 public employees and retirees throughout Indiana.
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CONTACT:
Jeff Hutson
Director of Communications
(317) 234-3401
jhutson@perf.in.gov
