Last modified: Friday, May 9, 2003
IU, Purdue to invest $5 million each in Indiana Future Fund
Editor's note: Purdue University and Indiana University are jointly announcing their participation in this fund.
BLOOMINGTON, Ind. -- Trustees at Indiana University and Purdue University have authorized investments from their endowment funds of $5 million each in the Central Indiana Life Science Initiative's Indiana Future Fund. The boards of both universities voted today (May 9) to participate in the venture capital fund.
"We believe this is a prudent investment for Indiana University that will give us the potential for long-term benefit. It's important for the state's two major public universities to be leaders in helping Indiana move forward with building a more diversified economy. To do that, we must be well-positioned to leverage our strengths to develop the life sciences industry," said Indiana University Interim President Gerald Bepko.
Purdue President Martin C. Jischke said, "This is one more way that Purdue can support economic development in Indiana. It's an opportunity to invest in an initiative that we believe will pay good returns and great dividends for the state. Indiana needs to build on its strengths, and life science is a field that holds tremendous promise."
The Indiana Future Fund will identify and select a small number of capital funds that will receive commitments. The investments will be targeted toward the life sciences field and are expected to be a mix of Indiana-based venture capital firms as well as a limited number of regional and national companies.