The Carlyle Group and AlpInvestment Partners took over the management of two fund of funds. The investment firms assumed management of the USD 72.6 million Indiana Future Fund (IFF) and the USD 58 million successor of IFF, the INext Program (INext). The limited partners of both funds approved the deal at the beginning of October. This had brought the assets under management of Carlyle and AlpInvest in Indiana to a total value of about USD 438 million.

IFF was established in 2003 to back funds that would invest in the state's life sciences companies. In 2009,  INext was established to also support private equity firms that back life sciences firms in Indiana.

Carlyle Solutions Head and Managing Director Jacques Chappuis said about the investment, "We are pleased to take on IFF and INext with the goal of achieving superior risk-adjusted returns, and being part of Indiana's innovative approach to supporting the development of life sciences businesses in the state."