Next Level Indiana Trust Fund Announces Administrator

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A Chicago-based firm has been selected to be administrator of the $250 million Next Level Indiana Trust Fund. The fund's investment board says 50 South Capital Advisors LLC, which has an office in Indianapolis, will work toward developing a portfolio of 20-30 diversified funds through a fund-of-funds approach. The Next Level Indiana Trust Fund was launched last year and was a pillar of Governor Eric Holcomb's inaugural legislative agenda.

The fund has receiving praise from the state's technology community. Indiana has long trailed other states in venture capital funding and financial support for early-stage companies that often present higher risks for investors. The Next Level fund is designed to help close that gap and its board's policy "emphasizes good investment performance, growing Indiana's investment community, and developing technology businesses in Indiana. Investments may be made in venture capital, private credit, private equity and growth."

In an interview last year with TechPoint Chief Executive Officer Mike Langellier, he said the creation of the fund demonstrated that Indiana is "going from laggard to leader" in venture capital.

The fund, established by the Indiana Finance Authority, is a charitable trust operating separately from the state and its board serves as its trustee. 50 South Capital Advisors targets small and middle-market investments, which the state says aligns it well with the mission of the Next Level Indiana Trust Fund.

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