Indiana Public Retirement starts new in-state private equity fund
By Barry B. Burr | September 26, 2012 2:03 pm
Indiana Public Retirement System, Indianapolis, issued an RFP for a firm to manage $466.2 million in Indiana-focused private equity.
The $25.7 billion pension fund’s search is open to separate account managers and private equity general partners.
Officials at the retirement system expect to hire one firm, according to the RFP.
The selected firm will implement and manage a customized $150 million private equity separate account program known as Indiana Investment Fund II. About 67% of the allocation would be invested in opportunistic Indiana-related direct investments and 33% in Indiana-related general partners.
In addition, the firm would assume management of the existing $105 million Indiana Investment Fund, $72.6 million Indiana Future Fund I, $58 million iNext Fund, $50.3 million Indiana Investment Fund-A, and $30.3 million Credit Suisse/Indiana Venture Fund, including all co-investments related to these programs. Also, the firm would manage the existing Indiana Co-Investment Fund.
Credit Suisse’s Customized Fund Investment Group is the incumbent for the existing funds and can rebid in the search, Jeff Hutson, chief communications officer, said in an e-mail.
“INPRS believes it is prudent to periodically validate that the best, most qualified manager/partner is leading these Indiana investment initiatives,” Mr. Hutson said in the e-mail about the search.
Responses are due at 3 p.m. EDT Oct. 12.
Strategic Investment Solutions, the pension fund’s private markets investment consultant, is assisting. The pension fund expects to make a decision later in October.