Janet Cowell, North Carolina Treasurer, has picked Credit Suisse to manage the state’s $230 million Innovation Fund, IM Weekly reports. The initial search was valued at $250 million in assets, about $20 million more than Credit Suisse’s mandate.

The new offering is aiming to accomplish a risk-adjusted rate of return for the state pension system’s private equity portfolio. The fund, which is expected to invest in businesses for the long term, will commit three to five year to investments in high-growth industries such as life sciences, technology and clean energy.

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