Carlyle, AlpInvest to Manage Second Fund for The Indiana Public Retirement System

The Indiana Public Retirement System has selected The Carlyle Group and AlpInvest Partners to manage an existing $155 million fund, Indiana Investment Fund I. INPRS in December tapped Carlyle and AlpInvest to manage Indiana Investment Fund II, a $150 million pool.


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.
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.
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.
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