Audio company pumps big return

The New York State Common Retirement Fund (CRF), the nation”™s third-largest public pension plan, will likely reap a 500 percent return on its investment in Pump Audio Inc. ”“ a Tivoli-based music licensing company that was acquired by Getty Images Inc., for $42 million, according to New York state Comptroller Thomas P. DiNapoli . ?“Investors are always looking for a smash hit,” said DiNapoli, who is the sole trustee of the $154.5 billion pension fund.  “We found one right here in New York state.  The sale of Pump Audio is a clear indication that upstate New York is a prime location for profitable investment in the technology sector. It also highlights the great potential of our in-state investment program. The Pension Fund”™s investment enabled Pump Audio to develop and expand its business, and it provided a real economic boost to Dutchess County.” ?The CRF, through High Peaks Venture Partners, invested $447,189 in Pump Audio in May 2006 as part of its in-state private equity investment program ”“ which makes $636 million in capital available for investment in New York companies.
A 500 percent return would mark the most successful investment to-date for the in-state investment program, DiNapoli said. ?The investment program was created to help small businesses in New York find the capital they need to grow. Under the program, the CRF, through 16 different private equity managers, has invested in 90 different companies.