$58M venture fund targeted at life science startups

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A new $58 million venture capital fund has been established by BioCrossroads, organizers said today, meaning a huge pool of money to help start-up companies both statewide and nationally.

Called INext Fund, the public-private effort will be a needed source of equity for new life sciences-related busin

INext is a follow-up to the $73 million Indiana Future Fund, launched six years ago that helped 14 Indianacompanies, including BioStorage Technologies in 2006.

The announcement was made on the corporate campus of Eli Lilly and Co. Lilly Ventures is part of the team of collaborators.

Credit Suisse Customized Fund Investment Group will be the fund manager.

“We’ve made incredible progress building a market where VC firms, both local and out of state, are investingin our promising life sciences companies,” said David Johnson, president and CEO of BioCrossroads.

The INnext Fund includes investments from Lilly; the Indiana State Teachers Retirement Fund; Indiana University; Purdue University; Notre Dame (a first-time participant); and the Fairbanks Foundation.

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