A new $58m venture capital fund of funds focused on the life sciences has been launched by Indiana’s institutional investors.
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 new INext Fund includes investments from Lilly, the Indiana State Teachers Retirement Fund (TRF), IU, Purdue, Notre Dame, and the Fairbanks Foundation.
The new vehicle will invest in venture capital funds that are focused on the life sciences, thus encouraging and facilitating direct investment in Indiana life sciences opportunities.
INext Fund follows the experience of the $73m Indiana Future Fund (IFF), which was launched six years ago to stimulate and grow Indiana’s venture capital sector to invest in promising life sciences companies. Since its formation in 2003, IFF has invested in 14 life sciences companies, both university-based and private start ups.