New York State Common Retirement Fund, Albany, made an additional $30 million commitment to Primary Venture Partners, an early stage venture capital firm, to invest in companies within the state.
Primary Venture Partners focuses on technology companies, Nikki Jones, a spokeswoman for state Comptroller Thomas DiNapoli, said in an interview. Mr. DiNapoli is the sole trustee of the $181.7 billion pension fund.
Primary Venture Partners, formerly known as High Peaks Venture Partners, received a $27 million commitment in 2003 and a $15 million commitment in 2010 as part of the pension fund’s in-state private equity investment program.
“Primary Venture Partners has overseen the pension fund’s state-based investments in 42 companies including Vnomics, a fleet management software company located near Rochester, and FieldLens, a construction industry mobile and web application developer located in New York City,” said a news release from Mr. DiNapoli’s office.
The pension fund has invested $786 million in 298 companies through the in-state program, the news release said.