US - The Indiana Teachers' Retirement Fund (TRF) has committed US$50m to a "sidecar" fund to the $105m Indiana Investment Fund 1 (IIF), which was launched in June last year.
The $16.3bn Indiana Public Employees’ Retirement Fund (PERF) launched the private equity fund last year to “focus investment resources on quality Indiana businesses”. It allocated $100m to the fund, with the remaining $5m provided by the fund manager Credit Suisse.
Speaking about the additional investment, PERF’s executive director David Adams said: “Based on the work of our fund manager, Credit Suisse, it became clear that there were additional opportunities within Indiana-based private equity funds.
“It seemed logical that TRF would be a natural choice for the additional investment, so we authorised Credit Suisse to approach TRF with the opportunity.”
The IIF includes two investment components: the first, worth approximately $60m, focuses on direct investments in quality businesses, while the second, worth around $40m, invests in Indiana-based private equity groups. TRF’s $50m will focus exclusively on the Indiana-based private equity component.
It was announced in February that PERF’s Adams had submitted his resignation and would be leaving his post on 1 June 2007. A replacement has not yet been found.
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