Investing in New York

Whenever possible, the Comptroller guides the Fund to invest in New York-based business ventures, companies and other programs that spur economic growth and create and retain jobs.

In-State Private Equity Investment Program

This program invests in private equity funds that target technology-based startups and established businesses in the State seeking expansion capital, spurring private sector investments and jobs across the state.

Program Highlights
  • Approximately 10 percent internal rate of return on fully exited investments.
  • Over $1.4 billion returned to the Fund in 243 transactions (as of March 2020).
  • Increased employees from 28,956 to 38,960 (as of March 2020).
  • $1.4 billion invested in 441 New York State companies.
  • $10.5 billion has been invested between the Fund and other private equity firms, including $5.2 billion in upstate New York companies.
  • $200 million available for small businesses through the innovative New York Credit Small Business Investment Company (SBIC) Fund.

Frank McEvoy
Senior Investment Officer, Private Equity
Phone: (518) 473-6089
Email: [email protected]


Since 1987, the Fund has provided Pursuit (formerly New York Business Development Corporation) with capital to make loans to small businesses for working capital, equipment or real property.

With its focus on small‐business lending, Pursuit can frequently offer more favorable terms than other lenders. For more information, visit the Pursuit website.

Program Highlights
  • Granted 28 loans totaling $25.0 million during fiscal year ending March 31, 2020.
  • Assisted businesses in all 62 counties.
  • Helps create or remain an average 9,000 private sector jobs each year.
  • Since 2009, about 40% of loans were awarded to women- or minority-owned businesses.
  • More than $1 million in loans have been made to businesses started or owned by military veterans.

Phone: 1-800-923-2504

Affordable Housing Initiatives

Since 1991, the Fund has partnered with the Community Preservation Corporation (CPC)—a nonprofit mortgage lender—to revitalize New York communities and create affordable housing.

The CPC provides capital for new and renovated housing for moderate- and low-income families throughout New York State, and also builds supportive housing for senior citizens and people with special needs.

As of June 2020, the Fund has:

  • Purchased 537 CPC mortgages valued at $938.4 million.
  • Invested more than $1,108.9 billion in 23,243 units of housing for New York families.

The Fund will continue its partnership with the CPC to revitalize economically challenged areas of the State and give New Yorkers the opportunity to purchase their own homes.


Carolyn Au
Executive Vice President and Chief Operating Officer
The Community Preservation Corporation
Phone: 646-822-1285
Email: [email protected]

Additional Resources

Investing in New York [pdf]

2020 Comprehensive Annual Financial Report