Indiana Public Retirement System picks Carlyle, AlpInvest for state-focused strategy

Indiana Public Retirement System, Indianapolis, hired Carlyle Group and AlpInvest Partners to manage $150 million total for the newly created Indiana Investment Fund II, according to statements by the managers.

INPRS, which oversees $27.1 billion, set up IIF-II, a separate account, to invest in a diversified portfolio of Indiana-focused direct investments, co-investments and other fund commitments in private equity and other strategies.

Carlyle and AlpInvest have opened offices in Indianapolis to serve operations for the partnership with INPRS.

The hirings are the result of an RFP the system issued last September.

Strategic Investment Solutions, INPRS' investment consultant which assisted in the search, in October recommended Carlyle, subject to further due diligence and other review, according to an INPRS November report.

Jeff Hutson, chief communications officer, couldn't provide further information by press time.

Pete Keliuotis, SIS managing director, could not be reached.