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June 21, 2007


DiNapoli: Sale of Tivoli-based Music Licensing Company will Generate 500 Percent Return for State Pension Fund

The New York State Common Retirement Fund (CRF), the nation’s third largest public pension plan, will likely reap a 500 percent return on its investment in Pump Audio, Inc. – a Tivoli, NY-based music licensing company whose acquisition by Getty Images, Inc., for $42 million, was announced yesterday.

“Investors are always looking for a smash hit,” said New York State Comptroller Thomas P. DiNapoli, who is the sole trustee of the $154.5 billion pension fund. “We found one right here in New York State. The sale of Pump Audio is a clear indication that upstate New York is a prime location for profitable investment in the technology sector. It also highlights the great potential of our In-State Investment Program. The Pension Fund’s investment enabled Pump Audio to develop and expand its business, and it provided a real economic boost to Dutchess County.

“We’ll keep looking for great investments in New York State.”

The CRF, through High Peaks Venture Partners, invested $447,189 in Pump Audio in May 2006 as part of its In-State Private Equity Investment Program – which makes $636 million in capital available for investment in New York companies. Comptroller DiNapoli has added $183 million in available capital to the program since taking office in February 2007.

A 500 percent return would mark the most successful investment to-date for the In-State Investment Program.

The In-State Private Equity Investment Program was created to help small businesses in New York find the capital they need to grow. Under the program, the CRF, through 16 different private equity managers, has invested in 90 different companies.

About the Common Retirement Fund
The $154.5 billion New York State Common Retirement Fund is the third largest public pension plan in the United States with more than one million members, retirees and beneficiaries from state and local governments. Comptroller DiNapoli is the sole trustee of the fund and manages a diversified portfolio of public and private equities, fixed income, real estate and alternative investments.

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