Governor Eric J. Holcomb today announced members of the investment board for the newly created Next Level Indiana Trust Fund. The fund was a key component of Gov. Holcomb’s 2017 Next Level legislative agenda. Members of the board will adopt an investment policy to guide how the funds are deployed to best diversify and grow the state’s economy.
The Next Level Fund replaces the Next Generation Trust Fund, which was created as a part of the lease of the Indiana Toll Road in 2006. The fund includes approximately $500 million; up to $250 million of the total fund can be used for Next Level investments.
“The Next Level Trust Fund will build upon Indiana’s developing venture community and support increased entrepreneurship and innovation in our state,” Gov. Holcomb said. “Those selected to serve on the investment board for this fund will provide valuable insight and expertise to ensure we leverage and get the greatest possible benefit from these funds.”
Legislation approved by the Indiana General Assembly earlier this year established five members of the Next Level Indiana Trust Fund Investment Board: the state’s secretary of commerce or designee, who will serve as the board’s chair; the director of the office of management and budget; the state treasurer; and two governor appointees with experience and knowledge in investments.
The governor has appointed Cynthia Lucchese, chief administrative and financial officer for Hulman & Company in Indianapolis, and Bill Godfrey, former co-founder, chair and chief executive officer of the software marketing company Aprimo, which was sold in 2010, and current managing director of 4G Ventures in Carmel, to the board. They will join Elaine Bedel, president of Indiana Economic Development Corporation, who will serve as the Secretary of Commerce’s designee and chair the board. Micah Vincent, director of the Office of Management and Budget, and Kelly Mitchell, Indiana’s treasurer, are the other voting members.
Additionally, the governor signed Executive Order 17-18 that creates two nonvoting advisory positions on the board, and he announced his appointments:
- State Sen. Luke Kenley (R-Noblesville) will serve as the governor’s at-large advisory member.
- State Rep. Tim Brown (R-Crawfordsville) will serve as the governor’s advisory appointment from the Indiana General Assembly.
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.
The board will meet for the first time tomorrow in Indianapolis. Details of the meeting are available at www.in.gov/ifa/2347.htm.