News Column

DiNapoli Highlights Investment in Rochester Region Through State Pension Fund

June 18, 2014



ALBANY, N.Y., June 18 -- The New York State Comptroller issued the following news release:

State Comptroller Thomas P. DiNapoli today toured Ambrell, a Scottsville-based manufacturing firm, to highlight an investment made by the New York State Common Retirement Fund's (Fund) In-State Private Equity Program. The Fund recently invested in Ambrell through the Hamilton Lane'sHudson River Co-Investment Fund.

"The In-State Private Equity Program helps companies thrive in New York while keeping the state pension fund diversified and strong," said DiNapoli. "By investing in companies like Ambrell, we can continue to deliver positive results for the Fund and for our local communities. We still have more than $370 million that we want to invest in established, growing or startup companies."

The In-State program partners the Fund with 18 private equity managers to invest in New York-based companies. The program generates market rate returns consistent with the risk of private equity for the Fund while expanding the availability of capital for New York businesses. The program has generated a 20 percent return on fully exited investments in the last five years.

More than $1 billion has been committed to the In-State program, of which more than $370 million is still available to invest in New York companies. In total, $704 million has been invested in 265 New York state companies. The program has made 22 investments in Monroe, Ontario, Yates, Wyoming and Genesee counties totaling $88.9 million.

Ambrell, which was recently acquired by Graycliff Partners, designs, manufactures and markets induction heating products, serving customers in a number of industries including energy, electronics and medical sectors as well as general industrial manufacturers. The company has more than 80 employees at its headquarters in the Village of Scottsville in Monroe County.

"Ambrell has enjoyed considerable worldwide sales growth due to the innovation and hard work of our employees," said Richard Rosenbloom, chief executive officer, Ambrell. "Thanks to the recent investment made by the In-State Private Equity Program through Graycliff, we're confident that we are positioned to accelerate our growth and expand our worldwide market share."

DiNapoli also announced today the successful investment made by the Fund in iCardiac Technologies, an electrocardiography laboratory located in Rochester, which has generated a $1.5 million return, nearly six times the initial investment.

iCardiac, a spinoff from the University of Rochester's Medical Center, currently employs 80 people. The company specializes in testing the cardiac safety of drugs for the pharmaceutical industry and contributes to clinical trials across the globe.

Trillium Group, a fund manager for the In-State Private Equity Program, received a $25 million commitment for venture capital funding in 2004 from the Fund. Trillium has made 14 investments in New York state-based companies, including 10 companies located in and around Rochester. iCardiac received $250,000 for early stage venture capital funding in 2006.

"We are particularly pleased with the success that iCardiac has been able to achieve," said Kevin Phelps, general partner of Trillium Group. "The combination of a robust University of Rochester technology and a talented management team has proven to be a winning formula. Trillium Group is proud to have been able to assist another emerging technology company through its affiliation with Comptroller DiNapoli's In-State program."

Since taking office in 2007, DiNapoli has added $624 million, or more than double the original amount set aside for investing, to the In-State program for a total commitment of more than $1 billion. In total:

$704 million has been invested in 265 New York state companies;

$293 million has been returned to the New York State Common Retirement Fund on $179 million worth of exited investments in 71 companies; and

$6.7 billion has been invested jointly by both the Fund and partnering private equity firms, including $2.4 billion in upstate New York companies.

For information on the program or company eligibility, go to: http://www.osc.state.ny.us/pension/instate/

About the Common Retirement Fund

The $176.2 billionNew York State Common Retirement Fund is the third largest public pension plan in the United States with more than one million members, retirees and beneficiaries from state and local governments. The Fund has a diversified portfolio of public and private equities, fixed income, real estate and alternative instruments.

About Ambrell

Ambrell is a leading manufacturer of induction heating systems, with 10,000 installations in over 50 countries. Systems are manufactured in the United States, while there are lab, service and sales locations in the United Kingdom, France and Netherlands.

About iCardiac Technologies

ICardiac Technologies is a global cardiac safety company that has commercialized advanced research originating at leading academic institutions and pharmaceutical companies. Its reach is international, working with pharmaceutical and medical device clients all over the world to bring the best results to cardiac safety.

About Graycliff Partners LP

Graycliff Partners is an independent investment firm focused on middle market private equity and mezzanine investments in the United States and Latin America. With offices in New York and Sao Paulo, the firm has invested over $1 billion and completed over 80 transactions.

About Trillium Group, LLC

Trillium Group is a Rochester-based venture capital group with a primary focus on growth equity investment opportunities located in western New York. Trillium's current portfolio consists of more than 20 companies in a broad range of industry sectors and businesses. www.trillium-group.com

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