New York State Common Retirement Fund, Albany, committed $50 million to a private equity fund managed by Hamilton Lane to support in-state small businesses, Thomas P. DiNapoli, the state comptroller and sole trustee of the $254.1 billion, announced Nov. 7.
The state's commitment "provided the anchor investment in the New York Small Business Investment Company (SBIC) Fund II LP, managed by Hamilton Lane," said a news release from the comptroller's office.
"The SBIC Fund II has approximately $150 million in total committed capital to support small businesses throughout the state," the news release said. "Six regional and national banks have also committed to the fund, which is now positioned to make its first investments."
SBIC Fund II will provide credit, mezzanine and equity investments to small businesses based in New York or with significant operations in the state, the news release said.