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Last updated on Wednesday, December 13, 2017
(INDIANAPOLIS) - Members of the Next Level Indiana Trust Fund Investment Board voted Friday, to select 50 South Capital Advisors, LLC, a wholly-owned subsidiary of Northern Trust Corporation (NASDAQ: NTRS), to administer the $250 million fund and make strategic investments that reflect goals outlined by the board.
The Next Level Indiana Trust Fund is a key component of Gov. Holcomb's 2017 Next Level legislative agenda and aims to build and support increased entrepreneurship and innovation in the state.
50 South Capital Advisors, LLC is a global alternatives asset management firm with a large Midwest presence. The firm specializes in providing access primarily to small-to-mid sized managers that offer unique and differentiated sources of return, which makes it well aligned to the mission of the Next Level Indiana Trust Fund.
Now that 50 South Capital Advisors has been preliminarily selected to administer the fund, board staff will begin working with 50 South Capital Advisors to outline a contract and guide investment policy for the fund. Fund investments are expected to begin in the first quarter of 2018.
The Next Level Indiana Trust Fund was established by the Indiana Finance Authority as a charitable trust that operates separately from the state of Indiana. The board acts as the trustee for the fund and will adopt an investment policy to guide Next Level Fund investments made by 50 South Capital Advisors, which will manage the fund and regularly report to the board.
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