FOF/PE/VC  Indiana Investment Fund

     Office Locations:

201 North Illinois, Suite 1530
c/o Richard Reynolds
Indianapolis, IN 46204
Phone: 317-361-4436



  • Early
  • Expansion
  • Growth
  • Middle Market



  • Business Services
  • Information Technology
  • Life Sciences & Healthcare
  • Manufacturing & Industrial
  • Transportation & Distribution



    The Indiana Investment Fund II (IIF-II) is a private equity fund that INPRS has created to target significant risk-adjusted returns to its members through investing in Indiana funds and privately-held companies. The IIF-II is managed by the Carlyle Solutions Group (CSG), a joint effort of The Carlyle Group and AlpInvest Partners. The IIF-II is the second generation of the Indiana Investment Fund (IIF-I) which was launched by INPRS in 2006. The IIF-I is also managed by CSG. The fund's mission is to identify and invest in both fund managers and companies for direct and/or co-investments. The fund targets investment opportunities either located in Indiana or with a meaningful connection to the State. On an opportunistic basis, regional funds and companies will be considered provided that they have a willingness to move a significant part or all of their operations to Indiana. The fund invests in Private Equity Funds, Real Assets, and Credit Investments.



      Fund Name



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    Investment Firm Key

       VC = Venture Capital
       PE = Private Equity
       A = Angel
       I = Incubator
       MB = Merchant Bank
       VD = Venture Debt
       FI = Family Investment Office
       FOF = Fund of Funds
       ED = Economic Development Office   
       TT = Technology Transfer Office
       CVC = Corporate Venture Capital
       SEC = Secondary Purchaser
       HF = Hedge Fund/Mutual Fund
    Venture Capital
    Seed Stage
    (includes "pre-seed," or
    concept stage)
    No Revenue
    Early StageMinimal
    Growth Stage
    (also called Mid-stage)
    Expansion Stage
    (also called Late-stage)
    $7M and greater
    Private Equity
    Lower Middle Market$10M-$249M
    Middle Market$250M-$499M
    Upper Middle Market$500M-$1B
    Large Cap>$1B

    Investment Team:

    Name   Title
    Get the complete investment team + individual email addresses for investment team partners. Get personal images, LinkedIn links, investment specialties, office locations and more with a National Database subscription.
    Curt Rossman Principal
    Jeffrey MacDonald Vice President
    Marek Herchel Managing Director
    Michael W. Arpey Managing Director
    Nadim Barakat Managing Director


    Portfolio companies include:


    Recent News: