PERF Launches $50 Million ‘Sidecar’ Private Equity Fund

Mar 21 2007 | 5:51pm ET

The $16.3 billion Indiana Public Employees’ Retirement Fund has launched a new $50 million fund, dubbed the Indiana Investment Fund A. The new “sidecar” fund, which was committed by the Indiana Teachers’ Retirement Fund, boosts the overall Indiana Investment Fund to $155 million.

PERF launched the Indiana Fund last year with a $100 million commitment combined with a $5 million investment from fund manager Credit Suisse. The fund includes two components: The first focuses approximately $60 million on direct investments in Indiana-based businesses and the second component of approximately $40 million invests in Indiana-based private equity groups. The new Fund A will give the pension more dry powder to invest in Indiana-based private equity shops.

“Based on the work of our fund manager Credit Suisse, it became clear that there were additional opportunities within Indiana-based private equity funds,” said PERF executive director David Adams. “It seemed logical that TRF would be a natural choice for the additional investment, so we authorized Credit Suisse to approach TRF with the opportunity.”

PERF’s board of trustees voted in October 2006 to permit the investment, and one month later TRF’s board of trustees authorized the $50 million investment. The deal was finalized today.

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