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
  • $2.5 billion committed to the program (as of March 31, 2023)
  • $1.7 billion invested in 560 New York State companies (as of March 31, 2023)
  • Over $700 million available to invest (as of March 31, 2023)
  • Employees increased from 29,542 to 46,338 (as of March 31, 2023, or when the Fund exited the investment)
  • Returning over $1.8 billion on $1.0 billion invested in 292 transactions (as of March 31, 2023)
  • Approximately 11% internal rate of return (as of March 31, 2023)

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

New York Credit Small Business Investment Company Fund (SBIC)

The SBIC, one of the first programs in the nation, provides credit financing to eligible New York-based companies.

Program Highlights
  • $200 million available in debt and mezzanine financing.
  • Managed by Hamilton Lane, and other investors include TD Bank, Bank of NY Mellon, HSBC Bank, Deutsche Bank and First Niagara Bank.
  • Targeted at New York companies with revenue.

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
  • $449 million invested in over 1,200 small businesses since 1987
  • $500 million committed to the program through installments in 1987, 1998, 2006, 2010 and 2018
  • All 62 counties have small businesses with loans
  • $25,000 to $500,000 typical sizes of loans
  • Since 2009, about 40% of loans were awarded to women- or minority-owned businesses
  • Helps create or remain an average 9,000 private sector jobs each year.
  • More than $1 million in loans made to 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 December 2023, the Fund has:

  • Invested more than $1.7 billion in nearly 24,000 units of housing for New York families. 
  • Purchased 576 CPC mortgages valued at more than $1 billion.

The Fund will continue its partnership with the CPC to revitalize economically challenged areas of the State.


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

Additional Resources

2023 Annual Comprehensive Financial Report