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NYS Comptroller

THOMAS P. DiNAPOLI

Press Releases

March 6, 2014, Contact: Press Office (518) 474-4015

State Pension Fund Makes New Commitment of $10 Million for Investments in New York Companies

New York State Comptroller Thomas P. DiNapoli announced today a $10 million commitment to venture capital firm Tribeca Venture Partners (TVP) through the New York State Common Retirement Fund’s (Fund) In-State Private Equity Program. TVP will use the funds to provide early stage venture capital funding to New York state-based companies. This is the Fund’s second commitment to TVP. 

“This investment will help to keep the state pension fund strong with positive returns while creating and retaining jobs,”said DiNapoli. “The $10 million commitment to Tribeca is earmarked specifically for New York companies and will leverage millions more in private investment.”

The In-State Private Equity Program is designed to meet fiduciary standards and provide investment returns consistent with the risk of private equity. The program partners with 18 private equity managers who invest in New York state-based companies in need of capital for growth to refinance ownership or for early stage investment.

The Fund has invested $684 million in 256 companies around the state through the program. The investments have leveraged $6.7 billion in additional capital and helped to create or retain nearly 4,000 jobs while generating a 20 percent internal rate of return on full exited investments in the last five years. Nearly $400 million of the program’s initial commitment remains available for new investments in New York-based companies.

The Fund previously committed $25 million to TVP, which was invested in 16 companies including Yellow Jacket Software, Truveris and Pontiflex.

"Entrepreneurship is alive and well in New York and has become a major driver of growth for the state. Tribeca Venture Partners is an active investor within New York providing capital at the earliest stages of company creation when capital is needed most. The burgeoning technology industry in New York State would not be possible without the backing and support provided by Comptroller DiNapoli and the New York State Retirement Fund to New York-based venture funds such as TVP," said Brian Hirsch, managing partner for Tribeca Venture Partners.

For more information on the program, visit: http://www.osc.state.ny.us/pension/instate/

For a copy of a September 2013 progress report on the program, visit: http://www.osc.state.ny.us/press/releases/sept13/091713.htm

About Tribeca Venture Partners
Tribeca Venture Partners (TVP) is an early stage venture capital fund based in New York City. TVP partners with world class entrepreneurs leveraging emerging technologies and business models to create and disrupt huge markets. TVP serves entrepreneurs who transform industries and build great companies. As active, long-term partners to our entrepreneurs, TVP contributes capital and strategic advice. TVP invests across a wide variety of industry sectors including adtech, fintech, digital media, e-commerce, Software as a Service (SaaS), mobile applications and services.
http://www.tribecavp.com/

About the Common Retirement Fund
New York State Comptroller Thomas P. DiNapoli is trustee of the New York State Common Retirement Fund, the third largest public pension plan in the United States with more than one million members, retirees and beneficiaries from more than 3,000 state and local government employers. The Fund has a diversified portfolio of public and private equities, fixed income, real estate and alternative instruments and has consistently been ranked as one of the best managed and best funded plans in the nation. Over the past 20 years, 82 percent of the cost of benefit payments has been funded by investment returns. The Fund’s fiscal year ends March 31, 2014.

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