US - The North Carolina pension fund has hired Credit Suisse to manage a US$230m private equity fund that will target in-state companies.
The so-called Innovation Fund will target companies in growth industries including life sciences, technology and clean energy. The funds will be invested over the next three to five years, treasurer Janet Cowell said in a release.
Cowell said: "North Carolina is a good investment. As we look globally for opportunities to achieve a high rate of return for our pensioners, we need to be diligent in looking into the possibilities that are in our own backyard."
Credit Suisse beat seven other firms that responded to a request for proposals and was chosen in part because of its 1,000 North Carolina-based employees.
The Innovation Fund will be housed within the $67bn pension scheme's private equity portfolio. According to its fourth quarter 2009 report, the pension fund allocates 4.5% to alternative investments.
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