New York State and investment banks have invested $200 million to create the New York Credit Small Business Investment Company Fund, which will provide credit financing to certain companies.
The returns generated from the new program, which will be managed by investment management firm Hamilton Lane, will go toward the state pension fund, according to an announcement from the office of state Comptroller Thomas P. DiNapoli.
Eligible businesses for the new program will include those with revenue streams between $5 million and $50 million.
Other investors ”“ including TD Bank, BNY Mellon, HSBC Bank, Deutsche Bank and First Niagara Bank ”“ have together committed about $150 million to the program, along with $50 million from the state pension fund.
“The investments are in line with our priority of generating returns for the pension fund, while helping to boost our state”™s economy,” DiNapoli said in a prepared statement.
New York”™s $184.5 billion state pension fund is the third largest in the country and has supported other sources of capital for in-state business, including helping to fund a private equity program and small business loan corporation.
