New York State Comptroller Thomas P. DiNapoli’s announcement of the launch of his Green Strategic Investment Program said the program allows for the expansion of the fund’s private equity exposure to clean tech and renewable energy sectors while encouraging additional investments across the fund’s entire portfolio. The fund has been reviewing the clean tech and renewable energy sectors for potential private equity investments since 2005.
According to a statement on DiNapoli’s Web site, the fund currently has $40 million invested in private equity funds focused on renewable energy and clean technologies (clean tech). It also has more than $440 million in commitments to funds where clean tech is a component of the Fund’s overall strategy – including more than $16 million already invested in New York-based clean tech companies through the fund’s Instate Co-Investment Program.
“The Common Retirement Fund has a unique opportunity to produce strong, risk-adjusted returns while at the same time supporting our goal of curbing greenhouse gas emissions and decreasing our dependence on foreign energy sources,” DiNapoli said in the statement.