HomeRegional StatewideNY Announces $50M Investment in Northern IrelandNY Announces $50M Investment in Northern IrelandFri, October 27, 2023 by Lucas Day SHARE NOW State Comptroller Thomas DiNapoli (State Comptroller/Facebook) New York State Comptroller Thomas P. DiNapoli was joined in Belfast by Joseph Kennedy III, U.S. Department of State Special Envoy for Northern Ireland Economic Affairs and Bernard McGuire, Managing Director of 57 Stars, an international private equity investor, to announce a new $50 million commitment to invest in Northern Ireland companies from the New York State Common Retirement Fund. The investment from the state pension fund’s private equity program will be managed by 57 Stars, a Washington D.C. based investment manager. “Northern Ireland’s dynamic economy has proven a good investment for our state pension fund and I am gratified that we have the opportunity to expand on our long-standing economic relationship,” DiNapoli said. “Our commitments in Northern Ireland have provided a solid return and that’s good news for the 1.1 million working and retired members of our pension system. But I am equally pleased that we can continue to participate in Northern Ireland’s economic growth, to help foster employment for all communities under the MacBride principles, and support the peace process.” Kennedy underscored that, “For years, Comptroller DiNapoli and the members of the New York Pension system have bet on the people of Northern Ireland and invested their pension dollars in Northern Ireland’s future. Their faith in the people and the business opportunities have been rewarded, and I’m thrilled that the Comptroller and the people of New York are set to renew their investment given the exciting opportunities that lie ahead.” “Northern Ireland is a smaller market that possesses numerous hidden gem businesses,” McGuire said. “Companies there are globally competitive and boosted by a highly educated workforce. Having a foot in both the UK and European customs zone further enhances Northern Ireland’s competitiveness and its significant advanced manufacturing industry is poised to benefit. In this landscape, 57 Stars has found compelling investment opportunities. This investment addresses the historical challenge of accessing capital and it validates the market’s potential returns. We are excited to continue our relationship with the Fund and create partnerships with more companies in Northern Ireland to help them realize their growth ambitions.” 57 Stars will seek out investment opportunities in companies in Northern Ireland across an array of sectors. The $50 million earmarked for Northern Ireland is part of a larger $175 million commitment to 57 Stars for international markets in Europe and elsewhere. Including today’s announcement, the state’s pension fund has committed almost $110 million to private equity investments in Northern Ireland since 2005. To date, approximately $48 million (£39 million) has been allocated to investments in Northern Ireland’s manufacturing, tech and healthcare sectors. Including DiNapoli’s newest commitment, approximately $58 million is available for investment. Get the top stories on your radio 24/7 on Finger Lakes News Radio 96.3 and 1590, WAUB and 106.3 and 1240, WGVA, and on Finger Lakes Country, 96.1/96.9/101.9/1570 WFLR.