Venture capital in Indiana
4 venture firms are based in Indiana, from SEC filings and the fund index. Below them are Indiana’s other sources of capital, the LPs based here that report holding venture funds, and its SEC-registered family offices. How Indiana ranks for startup raises and new funds: its Venture Ecosystem Index page.
On this page: 4 venture firms 43 other sources of capital 15 LPs.
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Venture firms based in Indiana
4 advisers that report a venture fund on Form ADV, largest estimated venture assets first, from the Venture Adviser Directory. Each one’s page has its funds and, where an LP reports holding them, its LPs.
| # | Adviser | Location | Venture funds | Private fund assets | Registered |
|---|---|---|---|---|---|
| 1 | High Alpha Studio, LLC | Indianapolis | 8 | $380M | 2015 |
| 2 | Alloy Partners, Inc. Emerging | Indianapolis | 3 | $35M | 2024 |
| 3 | Ground Game Ventures EmergingGround Game Ventures, LLC | Indianapolis | 1 | $28M | 2024 |
| 4 | Flywheel Fund VI GP LLC Emerging | Bloomington | 1 | $2M | 2025 |
Other sources of capital in Indiana
14 SBA lenders, 9 community development lenders, 5 SBICs, 5 union pension plans, 4 corporate pension plans, 2 university venture funds, 2 pension master trusts, 1 venture studio, and 1 placement agent. From public registers and what each organization publishes; see Capital Sources for every state.
| Source | Location | On the record |
|---|---|---|
| High Alpha | Indianapolis | Venture firm that creates and funds B2B software companies; founded in 2015, it reports more than 40 studio company starts. |
| FNEX Capital, LLC | Indianapolis | 7 venture funds since 2021 |
| IU Ventures | Bloomington | IU Philanthropic Venture Fund, capital to invest: $11M |
| Purdue Innovates Ventures | West Lafayette | Invests from pre-seed to Series A+ in startups led by Purdue alumni, students, faculty or staff, or licensing Purdue-owned technology. |
| American United Life Insurance Company Employees Retirement Plan and Trust | Indianapolis | In partnerships and joint ventures: $48M |
| Cooperative Pension Plan | Indianapolis | In partnerships and joint ventures: $35M |
| Cummins Pension Plan | Columbus | In partnerships and joint ventures: $493M |
| University of Notre Dame Employees' Pension Plan | Notre Dame | In partnerships and joint ventures: $39M |
| 1st Source Capital Corporation | South Bend | Venture · Direct Lending |
| Cambridge Ventures, LP | Indianapolis | Venture |
| CCP IV-SBIC, L.P. | Indianapolis | Private Credit · Mezzanine |
| CCP V-SBIC, L.P. | Indianapolis | Hybrid · Mezzanine |
| CCP VI-SBIC, L.P. | Indianapolis | Hybrid · Hybrid Debt/Equity |
| Construction Workers Pension Trust Fund - Lake County and Vicinity Pension Plan | Merrillville | In partnerships and joint ventures: $193M |
| Indiana Electrical Workers Pension Plan | Indianapolis | In partnerships and joint ventures: $39M |
| Indiana Laborers Pension Fund | Terre Haute | In partnerships and joint ventures: $454M |
| Local 697 I.B.E.W. and Electrical Industry Pension Plan | Merrillville | In partnerships and joint ventures: $50M |
| National Basketball Association Players' Pension Plan | Indianapolis | In partnerships and joint ventures: $86M |
| Elevance Health Master Trust | Indianapolis | In partnerships and joint ventures: $132M |
| The Lilly Retirement Plan Master Trust | Indianapolis | In partnerships and joint ventures: $3.7B |
| Build Fund, LLC | indianapolis | Community development loan fund in indianapolis, IN, certified by the US Treasury’s CDFI Fund. |
| CANI’s Center for Community and Economic Development, Inc. dba Brightpoint Development Fund | Fort Wayne | Community development loan fund in Fort Wayne, IN, certified by the US Treasury’s CDFI Fund. |
| CDFI Friendly Bloomington | Bloomington | Community development loan fund in Bloomington, IN, certified by the US Treasury’s CDFI Fund. |
| Community Investment Fund of Indiana Inc. | Indianapolis | Community development loan fund in Indianapolis, IN, certified by the US Treasury’s CDFI Fund. |
| Edge Fund, LLC | Indianapolis | Community development loan fund in Indianapolis, IN, certified by the US Treasury’s CDFI Fund. |
| Flagship Enterprise Capital, Inc. | Anderson | Community development loan fund in Anderson, IN, certified by the US Treasury’s CDFI Fund. |
| Indianapolis Neighborhood Housing Partnership, Inc. | Indianapolis | Community development loan fund in Indianapolis, IN, certified by the US Treasury’s CDFI Fund. |
| Lafayette Neighborhood Housing Services, Inc. | Lafayette | Community development loan fund in Lafayette, IN, certified by the US Treasury’s CDFI Fund. |
| Neighborhood Self-employment Initiative, Inc. | Indianapolis | Community development loan fund in Indianapolis, IN, certified by the US Treasury’s CDFI Fund. |
| 1st Source Bank | South Bend | 7(a) loans approved, fiscal year 2026: $18M |
| Centier Bank | Whiting | 7(a) loans approved, fiscal year 2026: $17M |
| Citizens State Bank of New Castle | New Castle | 7(a) loans approved, fiscal year 2026: $7.1M |
| Community First Bank of Indiana | Kokomo | 7(a) loans approved, fiscal year 2026: $9.5M |
| Everwise Credit Union | South Bend | 7(a) loans approved, fiscal year 2026: $30M |
| FCN Bank, National Association | Brookville | 7(a) loans approved, fiscal year 2026: $4.5M |
| First Bank Richmond | Richmond | 7(a) loans approved, fiscal year 2026: $6.7M |
| First Internet Bank of Indiana | Fishers | 7(a) loans approved, fiscal year 2026: $344M |
| First Merchants Bank | Indianapolis | 7(a) loans approved, fiscal year 2026: $129M |
| Heritage Federal Credit Union | Newburgh | 7(a) loans approved, fiscal year 2026: $6.5M |
| Horizon Bank | Michigan City | 7(a) loans approved, fiscal year 2026: $15M |
| Merchants Bank of Indiana | Carmel | 7(a) loans approved, fiscal year 2026: $91M |
| Old National Bank | Evansville | 7(a) loans approved, fiscal year 2026: $175M |
| The Riddell National Bank | Brazil | 7(a) loans approved, fiscal year 2026: $7.6M |
LPs based in Indiana
Foundations, pension plans, and other LPs here that report the venture funds they hold, by the number they hold. Local LPs often back local managers.
| # | LP | Location | Venture funds | In venture funds | Total assets |
|---|---|---|---|---|---|
| 1 | Endless Success Foundation Inc | Indianapolis | 8 | $38M | $895M |
| 2 | Eugene & Marilyn Glick Foundation | Indianapolis | 5 | $24M | $439M |
| 3 | Asante Foundation Inc | South Bend | 2 | $2.2M | $211M |
| 4 | McMillen Foundation Inc | Fort Wayne | 2 | $1.2M | $39M |
| 5 | The Ackerman Foundation | Indianapolis | 2 | $367K | $17M |
| 6 | Aceso Foundation Inc | Bloomington | 1 | $1.1M | $89M |
| 7 | Hubbard Family Foundation Inc | Indianapolis | 1 | $472K | $14M |
| 8 | Daniel J and Amy S Willis Charitable Foundation | Indianapolis | 1 | $324K | $13M |
| 9 | Disque Foundation LTD | Jeffersonville | 1 | $182K | $16M |
| 10 | Ball Brothers Foundation | Muncie | 0 | $17M | $214M |
| 11 | Edward & Irma Hunter Foundation | South Bend | 0 | $1.7M | $11M |
| 12 | George and Frances Ball Foundation | Muncie | 0 | $566K | $134M |
| 13 | Robert & Helen Haddad Foundation | Columbus | 0 | $98K | $12M |
| 14 | Hamer D & Phyllis C Shafer Foundation Charitable Trust | Muncie | 0 | $94K | $11M |
| 15 | Samerian Foundation Inc | Indianapolis | 0 | $77K | $92M |
About the data
An adviser’s state is where its Form ADV says its main office is. A fund-index firm is placed by the headquarters city the index lists, or by its Form ADV when the city doesn’t tell. Capital sources, LPs, and family offices are placed by the address their own register gives. Angel investors who list themselves are at hottub.vc/investors. Organizations only: no individuals are listed here, and a listing is a public record, not a recommendation. See the methodology.