Carlyle takes over Indiana fund from Credit Suisse

AlpInvest, which Carlyle acquired in 2011, will manage the Indiana Public Retirement System’s 2006, $155m in-state investment fund that had been managed by Credit Suisse.

The Carlyle Group’s AlpInvest Partners has taken over management of the Indiana Investment Fund, a $155 million 2006 vintage vehicle that invests in Indiana-related opportunities, according to a statement from the system.
The fund had been run by Credit Suisse’s Customized Fund Investment Group, according to meeting minutes from the pension system. It’s not clear why Indiana took Credit Suisse off the fund, though Steve Russo, the system’s executive director, said in the statement: “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.”

A spokesperson for the retirement system did not respond to questions as of press time.
Indiana recently chose AlpInvest to deploy and manage Indiana Investment Fund II, a $150 million vehicle, Private Equity International reported earlier.
Both in-state funds were created to invest in local Indiana fund managers through direct investments, co-investments and fund commitments, according to the statement. The programme has deployed $85 million across five private equity funds and $70 million in 10 direct deals and co-investments, the statement said.

Carlyle and AlpInvest, who have established a joint office in Indianapolis, now manage $305 million for Indiana programmes. Earlier this month, Carlyle acquired the rest of its stake in AlpInvest. In 2011, the firm acquired a 60 percent stake and recently bought the rest for 2.8 million shares and €4 million cash, PEI reported earlier.
Carlyle operated $176 billion of assets under management as of 31 March. The firm focuses on aerospace, defense, consumer and retail sectors, among others. Currently the firm is fundraising for its Fund VI, which is expected to reach its $10 billion target later this year, PEI reported earlier.