The New York State Common Retirement Fund raked in an estimated $41.2 million from the sale of marketing company Buddy Media to Salesforce.com from an initial investment of $2.8 million, Comptroller Thomas DiNapoli said last week.
The sale was finalized Monday, with Salesforce.com acquiring Buddy Media for roughly $689 million.
The 15-fold return comes after the state”™s Common Retirement Fund, which is overseen by the comptroller, made an initial $1.8 million investment in Buddy Media in April 2008, followed by a second investment totaling about $1 million in September 2010.
The fund was the first institutional investor to fund Buddy Media following its initial round of angel and seed commitments, DiNapoli said.
“The Common Retirement Fund invested in a winner with Buddy Media,” DiNapoli said in an Aug. 16 statement. “The sale is a stellar example of how the fund”™s In-State Private Equity Program generates strong returns for the pension fund while growing New York businesses.”
Buddy Media, based in New York City, was founded in 2007 and operates a social media marketing platform that allows major consumer brands to connect with customers through Facebook, Google+, LinkedIn, Twitter and other services.
