What Every Employer Should Know
Investing in New York’s Emerging Businesses
In 2000, the Fund initiated the New York State Private Equity Investment Program. The In-State Program is designed to generate a market rate of return consistent with the risks of private equity while increasing the diversification of the Fund’s investment portfolio and expanding the availability of capital for New York State businesses.
By making sound strategic investments in new and expanding New York companies, and making equity capital available to small businesses often overlooked by investment professionals in this asset class, the program is also proving to be an important contributor to the State’s economy. The In-State Program provides a model for how the pension fund can identify profitable investment opportunities and generate market rate returns, while supporting business development and job growth in New York State.
On March 31, 2015, the Fund’s private equity portfolio included investments in almost 200 New York businesses with a value of $1.2 billion. This figure reflects only the Fund’s share of these investments; the total value of New York companies held by the Fund’s partnerships was more than $20 billion as of September 30, 2014 (the most recent data available). Included in the Fund’s New York State portfolio are Flat World Knowledge in Ossining, PACS Industries in Bethpage, Multisorb in Buffalo, Auburn Armature, Inc. in Auburn, Movable Ink in New York City, Vnomics in Rochester, CognitiveTPG in Ithaca, and Climax Manufacturing in Lowville.