INDIANAPOLIS, Dec. 16 /PRNewswire/ -- Capitalizing on the continued strong growth of Indiana's life sciences industry and an active venture capital market, leaders from BioCrossroads, Eli Lilly and Company, Indiana State Teachers Retirement Fund, Indiana University, Purdue University, the University of Notre Dame, Richard M. Fairbanks Foundation, and Credit Suisse today announced the establishment of the INext Fund, a $58 million venture capital fund of funds.
Organized through BioCrossroads, Indiana's initiative to grow, expand and invest in the life sciences, and managed by the Credit Suisse Customized Fund Investment Group, the INext Fund includes investments from Lilly, the Indiana State Teachers Retirement Fund (TRF), IU, Purdue, Notre Dame, and the Fairbanks Foundation. This fund of funds is a capital pool that will invest in venture capital funds that are focused on the life sciences, thus encouraging and facilitating direct investment in Indiana life sciences opportunities.
"Six years ago, we launched the Indiana Future Fund to stimulate and grow Indiana's venture capital sector, and we've made incredible progress building a market where VC firms, both local and out of state, are investing in our promising life sciences companies," said David Johnson, president and CEO, BioCrossroads. "Launching a follow-on fund like the appropriately named INext Fund is proof of concept of BioCrossroads' mission, and evidence of the substantial market opportunities here in Indiana to put private equity to work. Capital formation is a huge problem for every region across the U.S., but Indiana's institutional investors have once again proven ready, willing and able to build and maintain strong funding sources for our entrepreneurial companies."
Lilly, one of the original participants in the Indiana Future Fund (IFF), has committed an investment in the INext Fund.
"The INext Fund will be a cata
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