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New BioCrossroads venture fund raises $58 million

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BioCrossroads has raised $58 million for its new INext fund, a successor venture capital vehicle to the $73 million Indiana Future Fund the life science initiative raised in 2003.

INext’s institutional investors include Eli Lilly and Co., the Indiana State Teachers Retirement Fund, Indiana University and Purdue University, all of which invested in the IFF. INext also has two new investors: the Richard M. Fairbanks Foundation and the University of Notre Dame.

Like its predecessor, INext will be a life science-focused fund-of-funds managed by global investment bank Credit Suisse. IFF channeled its money through six professional venture capital partnerships, which in turn invested the capital in 90 life science companies, including 14 Hoosier startups.

Philip Belt, who will manage INext for Credit Suisse, said the six IFF-backed venture capital firms have made a combined $40 million in investments in the 14 Hoosier startups, leveraging $160 million in funding from other VCs not affiliated with BioCrossroads.

Just as it did with the IFF, Credit Suisse plans to put INext’s money to work in four to six venture firms. Credit Suisse already has selected two: Menlo Park, California-based 5AM Ventures and New York-based OrbiMedi Advisors LLC. Credit Suisse is considering 20 other venture capital firms—including the six affiliated with the IFF—to deploy INext’s remaining capital.

BioCrossroads was scheduled to formally announce its new fund Wednesday at a 10 a.m. news conference at the Eli Lilly and Co. corporate center.

BioCrossroads CEO David Johnson, who helped steer formation of the Indiana Future Fund from its earliest discussions in 2001, noted the difference between then and now.

“In putting the first Indiana Future Fund together and in trying to interest venture capital firms to come in and take the funding, even getting them to show up and have the conversation was hard. It is not hard now,” Johnson said. “To me, that is a metric of success. We are on that map.”

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  • Question
    How much are each of these participants contributing to this new fund?

    Is it mostly private funds or government funds?

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  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

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