US - Indiana Public Employees' Retirement Fund (PERF) has boosted its local business investment credentials by reporting a $78m investment in the Indiana Investment Fund (IIF) since June 2006.
In the annual report, fund manager Crédit Suisse said its own $5m, and the $150m commitment by PERF from the inception phase and additional sidecar ‘A’ fund, was intended for direct and indirect within the state.
PERF executive director, David Adams, who is to step down at the end of May said: “When I developed the idea for this fund, this is exactly what I envisaged.”
He added: “In less than a year, the IIF has made significant new investments and commitments that will benefit our members while supporting the Indiana economy.”
Around $60m has been committed to direct business investment in Indiana with another $40m to state-based private equity groups.
The ‘A’ fund has invested $50m solely in a state-based private equity component of investments.
This report followed an increase in private equity investments over the past six months through the mainstream $16.3bn PERF.
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