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FOR RELEASE:
November 15, 2007
Pension Fund’s In-state Investment Program
Reaches $250 Million Target Investment Goal
DiNapoli Adds $383 Million to Program
The In-State Private Equity Program in October surpassed its original goal set by the state legislature in 1999 of investing $250 million in New York companies, State Comptroller Thomas P. DiNapoli announced today. Since taking office in February, DiNapoli added $383 million to the program, which is part of the New York State Common Retirement Fund.
“The In-State Private Equity Program does good for the state of New York and does well for the Fund,” DiNapoli said. “With the original $250 million investment goal reached, it is important to continue and grow this program that helps New York companies and New York State prosper.”
More than $271.4 million has been invested in 107 companies throughout New York since the In-State Private Equity Program’s inception in 1999. More than half of the dollars invested, $167.5 million, went to companies outside of New York City. A total of $836 million is currently allocated to the program, leaving $564.6 million available for investment.
Through the program, the Fund invests money with 16 private equity managers who seek to invest in companies in the state that require capital for growth or to refinance ownership.
The program is designed to provide investment returns consistent with the risk of private equity while also expanding the availability of capital for New York businesses. The program aims invest in the private sector in the state. In addition, the program also helps create and retain jobs in the state. The state legislature originally created the program in 1999 as part of the Jobs 2000 legislation.
Investment data by year and region follows.
Year |
# of Companies |
Dollar Amount |
2007 YTD |
23 |
$52,567,159 |
2006 |
36 |
$97,030,375 |
2005 |
17 |
$40,410,886 |
2004 |
16 |
$39,997,649 |
2003 |
8 |
$25,887,602 |
2002 |
4 |
$8,238,769 |
2001 |
3 |
$7,276,037 |
Total |
107 |
$271,408,477 |
Basic Region |
# of Companies |
Dollar Amount |
NYC Total |
48 |
$103,910,650 |
Suburbs Total |
12 |
$29,793,083 |
Upstate Total |
47 |
$137,704,744 |
Total |
107 |
$271,408,477 |
Region |
# of Companies |
Dollar Amount |
Capital District |
12 |
$24,030,508 |
Central |
2 |
$9,425,000 |
Finger Lakes |
17 |
$45,636,516 |
Hudson Valley |
11 |
$28,576,460 |
Long Island |
3 |
$7,603,812 |
Mohawk Valley |
2 |
$14,521,779 |
North Country |
1 |
$980,000 |
NYC |
48 |
$103,910,650 |
Southern Tier |
4 |
$12,710,730 |
Western |
7 |
$24,013,022 |
Total |
107 |
$271,408,477 |
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 instruments.
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NYC Phone: (212) 681-4840 Fax: (212) 681-7677
Internet: www.osc.state.ny.us
E-Mail: press@osc.state.ny.us