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The Next Level Fund will make targeted investments in Indiana venture capital funds and Indiana businesses in order to generate competitive investment performance as well as support increased entrepreneurship and innovation in the State.

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In 2017, the Indiana General Assembly announced the formation of the Next Level Indiana Fund that replaced the Next Generation Trust Fund which was originally funded by the 2006 lease of the Indiana Toll Road.

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The Next Level Fund aims to invest up to $250 million during the next five years in order to encourage the investment and philanthropic communities to explore investment opportunities in Indiana’s innovation community.




Foster a strong, vibrant ecosystem for entrepreneurs and raise the national profile of Indiana’s rich healthcare, technology, agricultural, and business communities.
Drive economic activity in Indiana by making investments in Indiana venture capital firms in order to attract, assist and retain quality technology businesses in Indiana. 
Deliver competitive investment performance for the state of Indiana by building a prudently diversified portfolio. 





Ultimate portfolio construction may vary. For illustrative purposes only. Amounts are percentages of the total fund investment portfolio.

  • Targeted investment period within an overall five-year commitment window

  • 20-30 fund investments

  • Minimum fund size of $10 million at the time of final closing (exceptions apply)

  • NLF will not commit more than 10% of its total portfolio size to any underlying fund

  • NLF will not commit more than 1/3 of its total portfolio size in any given vintage year

  • NLF may commit up to 10% of capital to later stage direct co-investments in Indiana companies alongside managers in the NLF program

  • NLF's fund investment portfolio will be diversified across vintage, stage, sector and strategy

  • Managers will utilize reputable service providers




The Next Level Fund Investment Policy is designed to ensure that the Next Level Fund Investment Board, the Program Administrator as well as any contractors the Investment Board or Program Administrator retains to provide services related to Next Level Fund, take prudent, measured, effective actions while supporting the Next Level Fund. The Investment Policy is designed to allow for sufficient flexibility in the management oversight process to take advantage of investment opportunities as they arise, while setting forth reasonable parameters to ensure prudence and care in the execution of the Next Level Fund.


Please click here to access the Next Level Fund Investment Policy.