DiNapoli Announces $15 Million Investment In Bausch & Lomb
The $154.5 billion New York State Common Retirement Fund has invested $15 million in Rochester-based Bausch & Lomb through the pension fund’s In-State Investment Program, a move that is expected to help the eye care leader expand its research and development capabilities and build upon its 1,700-plus workforce in the Rochester area, State Comptroller Thomas P. DiNapoli announced today.
“For more than 150 years, Bausch and Lomb has been the global leader in vision care,” DiNapoli said. “Our investment allows the New York State Common Retirement Fund to be part of one of New York’s and certainly the world’s most respected brands. By expanding its research and development capabilities, Bausch & Lomb will be able to innovate new products enabling the company to enhance its leadership position in the eye health industry.
“Bausch & Lomb is an excellent company with an excellent future. The company knows that Rochester is a great place to do business, and Bausch & Lomb is a great investment for the pension fund.”
Bausch & Lomb employs more than 13,000 people worldwide, with 1,711 Rochester-based employees. In the past few years, the company invested $35 million in a new, world-class research and development facility, which is expected to drive strong job growth in Rochester.
On October 26, affiliates of Warburg Pincus, a leading global private equity investor, announced the completion of the acquisition of Bausch & Lomb for a total purchase price of approximately $4.5 billion including approximately $830 million of debt. The pension fund is a limited partner in certain Warburg Pincus funds that participated in the acquisition. The Fund participated in the acquisition as a co-investor through its In-State Investment Program.
DiNapoli noted that the Bausch & Lomb investment will raise the Fund’s stake in companies in Rochester and Monroe County to $32 million. The In-State program has already invested $17 million in local companies such as American Fiber Systems, Accu-Dyne and Sigma Marketing Group.
Under DiNapoli’s direction, the In-State Investment Program, which helps New York businesses finance expansion efforts, has grown to $836 million in capital, with approximately $255 million already invested.
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.