INDIANAPOLIS (AP) — A new Indiana investment fund aims to support entrepreneurship, launch careers and help the next generation of commerce.
The $250 million Next Level Indiana Trust Fund is available to experienced money managers wanting to support new businesses with Indiana ties, The (Northwest Indiana) Times reported . The funds came from a $3.8 billion lease of the Indiana Toll Road.
"We know that additional capital is part of this equation, and additional expertise is really going to be that factor that bumps us way out from the rest of the pack and truly takes Indiana to the next level," Gov. Eric Holcomb said last week.
Investing in promising businesses will more effectively grow the state's economy in the long-term, he said.
"To me this symbolizes truly a win-win-win day for Indiana," Holcomb said. "Certainly it's a win for the creator class, it's a win for the investor class, and because of that it's a big, big win for Indiana."
The fund's investment board selected 50 South Capital Advisors LLC in December to manage the fund.
The company plans to invest in up to 30 funds over the next five years to support entrepreneurs, said Trey Hart, 50 South's senior vice president. The approach will generate greater performance with less risk, he said.
"We think the largest percentage of the portfolio is going to be invested in managers that are physically located here, that will be most likely to invest in Indiana companies," Hart said. "But the portfolio will be broadly diversified by stage, sector and strategy."