Skip to Content

Office of the New York State Comptroller’s Seal

NYS Comptroller

Thomas P. DiNapoli

What Every Employer Should Know

The Fund’s Impact on New York State Residents

While the Fund can be an important economic engine for the State of New York, the ultimate goal is to generate a solid rate of return on investments. In-state investment opportunities are always evaluated with this criteria in mind.

Whenever possible, the Fund specifically invests in enterprises, business ventures or companies that benefit the State of New York’s economy. The Fund:

  • Invests in new and expanding New York companies and makes equity and debt capital available to small businesses as part of the In-State Private Equity Program. This program is designed to generate a market rate of return consistent with the risk of private equity while increasing the diversification of the Fund’s investment portfolio. 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, 2017, the Fund’s private equity portfolio included investments in over 400 New York businesses with a fair value of $1.9 billion.
  • Invests in commercial real estate properties such as shopping centers, office buildings, residential properties and hotels. Through these investments, the Fund has been able to acquire, develop, re-lease and reposition properties that are in need of upgrading with the goal of increasing property values. New York properties, particularly those that are in central business districts, have rebounded in value from the recent economic downturn as investors seek to buy stabilized, in-fill assets in gateway cities such as New York.
  • Provides capital to the Community Preservation Corporation for the construction of affordable housing. Through this program, the Fund has been able to provide moderate-income and low-income families across the State with the opportunity to rent affordable housing. Since the inception of this program, 18,603 units, representing $746.6 million in investment, have been completed and 2,723 are in the pipeline.
  • Finances small, private businesses seeking venture capital through the New York Business Development Corporation (NYBDC) Program. NYBDC has completed loans to retailers, restaurants, small manufacturers and a variety of other service businesses across the State. Since this program began in 1987, NYBDC has made 1,139 loans totaling $393 million to businesses that employ over 23,100 New Yorkers.

Additional information about these programs is available in the Investment section of NYSLRS 2017 Comprehensive Annual Financial Report beginning on page 84.