Indiana Governor Mike Pence on Wednesday introduced several proposals that would direct money to the state’s growing businesses – including a proposed $500 million total investment (over 10 years) from the Indiana Public Retirement System to Indiana-based startups.
From the Indianapolis Star:
[Pence is seeking] a $500 million investment over 10 years by the Indiana Public Retirement System on what the IEDC refers to as “early-stage and midmarket Indiana companies.” The state pension fund has about $30 billion in assets.
INPRS, the system that handles retirement investments for public workers, would have to agree to push more money toward Indiana-based companies — and then find enough worthy, relatively safe companies to invest in.
Micah Vincent, director of the state Office of Management and Budget, said investing $500 million over 10 years would be a target for INPRS rather than a mandate.
“You want to chase the right investments,” Vincent said. “That’s a huge part of this, and we’re going to continue to use the same due diligence we do in all our investments.”
The goal of investing pension money in Indiana companies, he said, is to encourage growing companies to move to the state and spur local companies to compete for that money.