Newly installed New York Gov. David Paterson and Comptroller Thomas DiNapoli share a common view on the need to promote the use of minority businesses, including emerging managers, in the state.
As a candidate for lieutenant governor on a 2006 ticket with Eliot Spitzer, Mr. Paterson championed increased dealings with minority firms. However, that's expected to make little difference to how Mr. DiNapoli does his job as sole trustee for the $154.5 billion New York State Common Retirement Fund.
I do not believe that Gov. Paterson would try to influence the common retirement fund in any shape, form or fashion. But I do believe that, as the governor of New York, he would certainly support Comptroller DiNapoli and his efforts to be inclusive, said James Francis, chief executive officer of Paradigm Asset Management Co., White Plains, N.Y., which does not manage any money for the common fund. Comptroller DiNapoli has a great appreciation for the value-added returns that women and minority-owned firms have been able to generate for other pension funds around the country, Mr. Francis added.
Mr. DiNapoli is putting the state's money where his mouth is. In October, he announced the state fund he oversees will more than double the amount of capital available to emerging managers. The fund will commit $1 billion over the next several years to private equity funds run by emerging managers with a focus on women- and minority-owned firms.
Selections are expected to be announced in coming weeks, said Jim Fuchs, a spokesman for Mr. DiNapoli.
Contact Isabelle Clary at [email protected]