DURHAM, N.C. -- The North Carolina official responsible for managing the state employees' pension fund is branching out in a search for strong returns while also boosting up-and-coming companies.
State Treasurer Janet Cowell on Monday announces who has been hired to administer a new Innovation Fund. That's the name given to a pool of money from the state's $67 billion pension resources that will invest in companies that have major operations in North Carolina.
The fund will invest up to $250 million as it tries to maximize profits foremost and secondarily boost the state's economy.
More than 20 states make economically targeted investments using pension funds.
The state pension fund manages the retirement assets of state employees, retirees and teachers.
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