Created: 10/01/2013 7:04 PM WHEC.com
Investing in New York’s talent, that's the goal of the state pension fund's instate private equity program.
Tuesday, State Comptroller Thomas DiNapoli was in Rochester, touring a business that's doing just that.
The instate program pairs private equity managers with companies emerging from New York universities that need capital funding. DiNapoli spoke at Vnomics Corporation, a business that grew from technology developed at RIT.
He says that company is a prime example of what officials are trying to do with this program.
"This is an example of one of the great successes that we have, where the seed comes out of the university sector, it's planted here in the state, it grows and creates job opportunities and bright young people who are coming out of our new york universities, they find an opportunity right here in our state," said DiNapoli.
More than $1 billion has already been committed to the program, and nearly $400 million is still available for investment.