A long-term American critic of employment practices in Northern Ireland announced today he was committing million of dollars towards business development there.
Alan Hevesi, controller of the £66 billion New York State retirement fund, is investing £3.75 million with Belfast-based private equity fund Crescent Capital in a new £22.5 million venture capital fund sponsored by Invest Northern Ireland.
It is Mr Hevesi's first investment in Northern Ireland - something he has championed but held back from actually doing for much of the last decade.
Today he said that progress was being made and the disparity between Catholic and Protestant employment opportunities was closing.
Announcing his investment, he said: "Northern Ireland represents tremendous opportunities for growth and prosperity, regardless of religious, political or any other affiliation."
He added: "We are investing in Crescent Capital II because the fund represents an excellent opportunity, with the potential to create new jobs and economic prosperity for all communities by providing local technology companies with much-needed capital so they can grow and thrive here in Northern Ireland."
"The investment climate in Northern Ireland is much more favourable today thanks to the ongoing peace process."
Crescent Capital will target small technology companies with their roots in Queen's University and the University of Ulster . Companies which have benefited from its £14 million first fund include Andor Technologies, Lagan Technologies and Balcas.