The North Carolina Innovation Funds (the “Program”) are diversified investment partnerships (the “Partnerships”) sponsored by the North Carolina Retirement Systems. The Partnerships invest in companies and funds with significant operations in or a nexus to North Carolina.

The Partnerships make co-investments in portfolio companies, as well as maintain the flexibility to commit capital through investment funds, such as private equity funds, that invest primarily in such companies. Portfolio companies can be in a diverse range of industries, including but not limited to, healthcare, clean energy and technology.

The Partnerships target risk-adjusted rates of return while seeking to support the economic well-being of the State of North Carolina. No assurance can be given that the Partnerships will achieve these objectives.