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BioCrossroads is a collaborative effort among Indiana's corporate community, research universities, and public sector to grow the state's life sciences sector. BioCrossroads initiative seeks to strengthen Indiana's life science base by encouraging commercialization efforts, expanding access to capital, and supporting new business formation. Among several initiatives, the organization established in 2003 the Indiana Future Fund, a $73 million fund-of-funds managed by Credit Suisse. In the fund-of-funds structure, investments are made in venture capital funds, which then invest directly into companies. Additionally, BioCrossroads has established the $6 million, return-driven Indiana Seed Fund, launched in June 2005, and managed by BioCrossroads. The Seed Fund provides working capital in the range of $50,000-$500,000 to promising Indiana life sciences companies at the preliminary stages of operation. In December 2009, the $58 million INext Fund, a venture capital fund of funds, was established with institutional investors Eli Lilly and Company, Indiana State Teachers Retirement Fund, Indiana University, Purdue University, University of Notre Dame and Richard M. Fairbanks Foundation. BioCrossroads organized the fund and Credit Suisse manages it. BioCrossroads formed the Indiana Seed Fund II in early 2012. The Indiana Seed Fund II is an $8 million early-stage life sciences venture fund focused on identifying, creating and developing the next generation of leading Indiana-based companies. Managed by BioCrossroads, the Fund is a follow-on to Indiana Seed Fund I. The Fund makes investments of up to $1 million in early-stage biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech and health information technology products and platforms and will continue to focus on forming promising companies around innovative ideas.
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