Indiana Next Level Fund

Overview

Established in 2017, the Indiana Next Level Fund is a state-backed venture capital initiative aimed at fostering entrepreneurship and innovation within Indiana. The fund focuses on investing in Indiana-based venture capital firms and businesses to generate competitive investment performance and support the state's economic growth. With a vision to invest up to $250 million over five years, the fund seeks to enhance Indiana's healthcare, technology, agricultural, and business sectors. The fund's investment strategy involves committing to 20-30 venture capital funds, each with a minimum size of $10 million at final closing. It maintains a diversified portfolio across vintage, stage, sector, and strategy, ensuring prudent risk management. The fund also reserves up to 10% of its capital for direct co-investments in Indiana companies alongside its portfolio managers. Governance of the fund is overseen by the Next Level Fund Investment Board, comprising state government leaders and community representatives. The program administrator, 50 South Capital Advisors, LLC, a subsidiary of Northern Trust Corporation, manages the fund's operations. This collaborative approach aims to build a robust ecosystem that supports the growth and retention of quality technology businesses in Indiana.

Investment Focus

• Investments must be in Indiana-based venture capital firms or businesses with a significant presence in Indiana.
• Target companies should be in the technology, healthcare, agriculture, or business services sectors.
• Investments are typically in early-stage or growth-stage companies.