Having invested $684.2 million in 252 New York state companies through a special private equity program, the New York State Common Retirement Fund, Albany, still has another $393 million in available funds for other state-based companies, according to Thomas DiNapoli, the state comptroller and sole trustee of the $158.7 billion pension fund.
“If you are prepared to make a commitment to New York ... we will make a commitment to you,” Mr. DiNapoli said during a Sept. 17 news conference, providing an update on the pension fund's In-State Private Equity Program, which was launched in 1999.
Mr. DiNapoli said the pension fund makes commitments through 18 private equity managers, adding that “for every dollar invested in exited companies, we've made $1.60.” For the exited investments in 71 companies, the pension fund has received a $293 million return on $179 million invested, he said.
When the program started, the investment goal was $250 million; that was realized in October 2007. Since then, the pension fund has raised its allocation to the in-state program, making available a grand total of nearly $1.1 billion.
“The specific goal is to make money for the pension fund and increase opportunities for New York state,” Mr. DiNapoli said.
This article originally appeared in the September 30, 2013 print issue as, "N.Y. private equity program keeps pumping money into state firms".