Through the In-State Program, the New York State Common Retirement Fund (CRF) seeks to establish long-term partnerships with investment managers who invest in companies in New York State.
As of June 2013, the CRF has invested $684 million in 252 companies through this program and we continue to be committed to investing in New York-based businesses. The In-State Program has more than doubled the amount of funding available for additional investment.
In addition to providing the CRF with a maximum level of return consistent with policies on liquidity, diversification, and investment risk, the program aims to help generate jobs and private sector investment in New York. The program has proven to be an important contributor to the State's economy by making capital available to small businesses.
In-State investments in buyout and growth equity frequently involve organizations with substantial employment and prospects for job growth. Since its inception, the program has helped create more than 3,000 jobs across New York and has achieved returns consistent with the investment objectives of the overall private equity portfolio.
The program's concept is a simple one: if you're prepared to make a commitment to New York and can state a compelling case for our investment, we'll make a commitment to you and your business.