New York's Common Retirement Fund recently committed $50 million to a private equity fund that supports small businesses across the state, according to a release from New York State Comptroller Thomas DiNapoli.
The $50 million commitment is the "anchor investment" into the New York Small Business Investment Company (SBIC) Fund II L.P., which is managed by Hamilton Lane, the release states. The SBIC Fund II has approximately $150 million in total committed capital to support small businesses throughout the state.
“The state pension fund continues to help New York’s small businesses expand and excel,” DiNapoli stated in the press release. "These investments aim to generate returns for the pension fund, while helping to boost our state’s economy and businesses that call New York home.”
Six regional and national banks have also committed to the fund, which is now positioned to make its first investments. The SBIC Fund II was launched in 2022 and is built upon the success of Hamilton Lane’s first SBIC offering, the New York SBIC Fund I, launched in 2015, also with an investment of $50 million from the pension fund.
The fund provides credit, mezzanine, and equity investments to small businesses based in New York or with significant operations in the state.