The Carlyle Group      AlpInvest 

News Release

For Immediate Release
October 17, 2013

The Carlyle Group and AlpInvest Assume Management of Two Indiana Life Sciences Funds of Funds Totaling $130 Million

Transfer of Indiana Future Fund and INext from Third Party Brings Total In-state AUM Managed by Carlyle and AlpInvest to $438 Million

Washington, DC and Indianapolis, IN – Global alternative asset manager The Carlyle Group (NASDAQ: CG)  and AlpInvest Partners today announced that they have assumed management of two funds of funds with a focus on Indiana life sciences companies: the Indiana Future Fund (IFF), a $72.6 million fund of funds, and its $58.0 million successor, the INext Program (INext). The transfer from a third party was approved October 1st by the funds’ limited partners, and brings assets managed by Carlyle and AlpInvest in the state to approximately $438 million.

The Indiana Future Fund was raised in 2003 to invest in venture capital funds that in turn would consider investments in life sciences companies in Indiana. Investors in the IFF include Eli Lilly and Company, the Indiana Public Retirement System, the Indiana University Foundation, Indiana University, Purdue University, Indiana State University, Ball State University Foundation, American United Life Insurance and WellPoint Inc. INext, raised in 2009, invests in private equity firms considering investments in Indiana life sciences companies. Investors include Eli Lilly and Company, the Indiana Public Retirement System, the Indiana State University Foundation, University of Notre Dame, Purdue Research Foundation, Purdue University and the Richard M. Fairbanks Foundation.

Darren Carroll, Lilly’s vice president of corporate business development and chairman of the advisory committees of the two funds, said, “Carlyle and AlpInvest have shown a real commitment to our investment goals and to the state of Indiana with their establishment of an office and on-the-ground team as well as their stewardship of two other state-focused investment vehicles. We are excited to also have them managing IFF and INext, which together have brought the expertise of the venture capital firms to bear in the state.”

Jacques Chappuis, Managing Director and Head of Carlyle Solutions, said, “We are pleased to take on IFF and INext with the goal of achieving superior risk-adjusted returns, and being part of Indiana’s innovative approach to supporting the development of life sciences businesses in the state. We look forward to supporting venture capital firms’ efforts to consider potential investment opportunities in Indiana life sciences companies, and as a consequence create lasting economic benefits for the Hoosier state.”

These new management transfers follow two earlier mandate wins for Carlyle and AlpInvest in Indiana. In June, the firms assumed management on behalf of the Indiana Public Retirement System (INPRS) of the already-invested $155 million Indiana Investment Fund I from a third party, and in December 2012, INPRS selected Carlyle and AlpInvest to invest and manage a $150 million successor fund, Indiana Investment Fund II, focusing on Indiana-based direct investments, co-investments and fund commitments.

Carlyle and AlpInvest have established a joint office in Indianapolis, IN from which these investment mandates are managed by a dedicated team of two investment professionals.

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About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $180 billion of assets under management across 118 funds and 81 fund of funds vehicles as of June 30, 2013. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments—Corporate Private Equity, Real Assets, Global Market Strategies and Global Solutions—in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,400 people in 34 offices a cross six continents.
Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary

About AlpInvest Partners

AlpInvest Partners is one of the largest private equity investors in the world, with approximately US$48 billion of assets under management as of June 30, 2013. AlpInvest’s activities cover a broad range of private equity investing, including Primary Fund commitments, Secondary purchases and Co-Investments. The firm’s investments span the full spectrum of private equity: buyouts, venture capital, growth capital, mezzanine, and distressed. AlpInvest manages programs for a number of institutional investors globally.
www.alpinvest.com

 

 

PRESS RELEASE

Fri, 14 June 2013

2013-043

The Carlyle Group and AlpInvest to Manage $155 Million Investment Fund for Indiana Public Retirement System, Bringing Total In-state AUM Managed for INPRS to $305 Million

 

2006-Vintage Fund, Indiana Investment Fund I, Had Been Managed by Third Party

Washington, DC and Indianapolis, IN – Global alternative asset manager The Carlyle Group today announced that the Indiana Public Retirement System (INPRS) has selected Carlyle and AlpInvest Partners to manage an existing $155 million fund, Indiana Investment Fund I (IIF-I), a 2006-vintage vehicle that from inception was managed by a third party. In December 2012, INPRS selected Carlyle and AlpInvest to deploy and manage a new $150 million investment fund, Indiana Investment Fund II (IIF-II), which will invest in a diversified, high-quality portfolio of Indiana-based direct investments, co-investments and fund commitments. Carlyle and AlpInvest now manage $305 million for INPRS’ Indiana Programs.

David M. Rubenstein, Co-CEO of The Carlyle Group, said, “We are pleased to deepen our relationship with INPRS by managing this legacy portfolio. Our mandate is to invest wisely and create value for Indiana’s public pensioners and we are grateful for this opportunity.”

Steve Russo, Executive Director, Indiana Public Retirement System, said, “We believe that consolidating our Indiana focused funds with one manager will best serve the interests of our members and better enable us to achieve the return expectations we have established.  First and foremost, these Indiana-focused investments must support the needs of INPRS’ members.  Additionally, they may bolster the economic environment in which Indiana employers and Hoosier taxpayers work and live.  We’re confident we can achieve our primary goal while also helping to support excellent investment opportunities in Indiana.”

Volkert Doeksen, Chairman and Managing Partner of AlpInvest, said, “This mandate is important to us and we will work to maximize the fund’s value. It has only been a few months but we are already pleased with the opportunities we are seeing for investing the fresh capital in the IIF-II fund that was awarded to Carlyle and AlpInvest in December.”

IIF-I is invested in a portfolio of Indiana-based fund-of-funds and co-investments. $85 million is deployed in five private equity funds and $70 million is in ten direct deals and co-investments. This program was created to invest in local fund managers with headquarters in Indiana, and local private businesses that were located in, had significant operations in, or were willing to relocate to the state.

Carlyle and AlpInvest have established a joint office in Indianapolis, IN from which these investment mandates are managed by a dedicated team of two investment professionals.

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About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $176 billion of assets under management across 114 funds and 76 fund of funds vehicles as of March 31, 2013. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,400 people in 34 offices across six continents.
Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary

About AlpInvest Partners

AlpInvest Partners is one of the largest private equity investors in the world, with approximately US$48 billion of assets under management as of March 31, 2013. AlpInvest’s activities cover a broad range of private equity investing, including Primary Fund commitments, Secondary purchases and Co-Investments. The firm’s investments span the full spectrum of private equity: buyouts, venture capital, growth capital, mezzanine, and distressed. AlpInvest manages programs for a number of institutional investors globally.
www.alpinvest.com

About Indiana Public Retirement System

With approximately $27.2 billion in assets under management as of December 31, 2012, the Indiana Public Retirement System (INPRS) is among the largest 100 pension funds in the United States. The fund serves the needs of approximately 447,000 members and retirees representing more than 1,400 employers including public universities, school corporations, municipalities and state agencies.

 

 

The Carlyle Group      AlpInvest 

News Release  

March 4, 2013 

The Carlyle Group and AlpInvest Receive $150 Million Investment Mandate from Indiana Public Retirement System 

Washington, DC and Indianapolis, IN – Global alternative asset manager The Carlyle Group today announced that the Indiana Public Retirement System (INPRS) has selected Carlyle and AlpInvest Partners to manage a new $150 million fund, Indiana Investment Fund II. IIF-II will invest in a diversified, high-quality portfolio of Indiana-based direct investments, co-investments and fund commitments. Carlyle and AlpInvest have opened an office in Indianapolis to serve as base of operations for the new partnership with INPRS. 

David M. Rubenstein, Co-CEO of The Carlyle Group, said, “We are grateful to receive this important investment mandate and excited to expand the relationships that we’ve fostered for the past ten years with Indiana’s pension system. We believe that Carlyle and AlpInvest form a powerful investment platform that will work well for Indiana’s public pensioners.” 

Steve Russo, Executive Director, Indiana Public Retirement System, said, “By investing capital here in Indiana, INPRS achieves the dual goal of targeting premium rates of returns while nurturing Hoosier entrepreneurs and their businesses. We are impressed with the track record and expertise of the Carlyle-AlpInvest partnership and are confident it will serve us well.” 

Volkert Doeksen, Chairman and Managing Partner of AlpInvest, said, “We are pleased to have the opportunity to partner with Indiana’s pension system. We will harness Carlyle’s global network and direct investment expertise in conjunction with AlpInvest’s worldwide primary and secondary funds and co-investment relationships as we invest the hard-earned dollars of Indiana’s public pensioners. We are also pleased that Curt Rossman has joined us and is well positioned to get this new investment platform running smoothly.” 

Specific approach: 

  • Identify and invest in both fund managers and companies for direct and/or co-investments. 
  • Focus on investment opportunities either located in Indiana or with a meaningful connection to the State. On an opportunistic basis, regional funds and companies will be considered provided that they have a willingness to move a significant part or all of their operations to Indiana. 
  • Invest in Private Equity Funds, Real Assets and Credit Investments. 
  • Directly invest or co-invest in companies across varied sectors through equity, debt or mezzanine participation. 
  • Make investments that help strengthen the Indiana economy. 
  • Conduct rigorous review to ensure every investment meets INPRS' return expectations. 

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About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $170 billion of assets under management across 113 funds and 67 fund of fund vehicles as of December 31, 2012. Carlyle’s purpose is to invest wisely and create value. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs 1,400 people in 33 offices across six continents.
Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary/481 

About AlpInvest Partners

AlpInvest Partners is one of the largest private equity investors in the world, with over US$44 billion of assets under management as of December 31, 2012. AlpInvest’s activities cover a broad range of private equity investing, including Primary Fund commitments, Secondary purchases and Co-Investments. The firm’s investments span the full spectrum of private equity: buyouts, venture capital, growth capital, mezzanine, and distressed. AlpInvest independently manages the private equity investments for several large Dutch and U.S. pension funds and other institutional investors. 
www.alpinvest.com 

About Indiana Public Retirement System

With approximately $27.2 billion in assets under management as of December 31, 2012, the Indiana Public Retirement System (INPRS) is among the largest 100 pension funds in the United States. The fund serves the needs of approximately 447,000 members and retirees representing more than 1,400 employers including public universities, school corporations, municipalities and state agencies.