NY comptroller in Ireland to hear progress on SME growth fund

Thomas DiNapoli, the comptroller of the state of New York, has visited to receive a progress report on a major Northern Ireland-focused SME fund, of which his office is a financial backer.

The New York State Common Retirement Fund last year invested $7 million (€6.1 million) in the Bank of Ireland Kernel Capital Growth Fund (NI), which aims to support small- and medium-sized firms in the North.

The fund, managed by Kernel Capital, was established in 2013 by Invest Northern Ireland and Bank of Ireland to assist Northern Ireland-based SMEs to accelerate growth.

Fund

The comptroller, who has held the role since 2007, manages the state of New York’s $192 billion pension fund, audits the spending practices of all New York State agencies and local governments, and approves billions in State contracts and spending.

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The New York State Common Retirement Fund has also previously invested in Crescent Capital, a Belfast-based venture capital fund manager that has supported and built creative companies throughout NI.

During his visit to Ireland last week, Mr DiNapoli also received an honorary doctorate from the University of Ulster recognising both investments in Northern Ireland and his support for the peace process.