INDIANAPOLIS - State Sen. Luke Kenley (R-Noblesville) has been appointed an at-large advisory member of the Next Level Indiana Trust Fund.
Kenley, who will retire from the Senate in September, will be a no-voting member of the board.
He was appointed by Gov. Eric Holcomb.
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," 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.
In addition, Holcomb appointed 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.
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.