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AlpInvest takes over management of life science funds of funds

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The €35bn private equity investor AlpInvest Partners and alternatives asset manager Carlyle Group have assumed the management of two life science funds of funds in Indiana.

They said their combined assets in the Indiana Future Fund (IFF) and its successor, the Inext Program (INext), amounted to €95m.

The IFF was established in 2003 to invest in venture capital funds looking to invest in life sciences in Indiana.

AlpInvest and Carlyle already have an office in Indianapolis, where a two-strong team of investment professionals manage €223m on behalf of the state pension fund INPRS, aimed at direct investments, co-investments and fund commitments in the state.

AlpInvest – formerly owned by the large Dutch asset managers APG and PGGM – is Carlyle’s private equity branch and among the world’s largest private equity investors.

Carlyle manages €132bn of alternative investments worldwide.

Last week, AlpInvest announced that its Secondaries Program (ASP) reached more than €3bn, including its secondaries fund V (ASF V), which closed at its hard cap of more than €548m – 50% over its target.

According to AlpInvest, ASP includes commitments from not only APG and PGGM but also 18 other institutional investors.

The private equity investor said it had issued €6.6bn of commitments through 84 transactions over the past 11 years.

A 22-strong team in Amsterdam, New York and Hong Kong are managing the company’s investment.

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