§ 423-B — New York state venture capital program

§ 423-b. New York state venture capital program. The comptroller is\nhereby authorized to establish within the common retirement fund a New\nYork state venture capital program for the purpose of investing in\nqualified businesses as defined in paragraph six of subdivision (a) of\nsection eleven of the tax law. The comptroller is authorized to invest\nup to two hundred fifty million dollars of assets of the common\nretirement fund to carry out the purposes of this section. The\ncomptroller may make investments pursuant to this section in\npartnerships, corporations, trusts or limited liability companies\norganized on a for-profit basis that enter into agreements to invest the\nmoneys of the New York state venture capital program in qualified\nbusinesses. The comptroller shall make such investments consistent with\nthe provisions of paragraph (b) of subdivision nine of section one\nhundred seventy-seven of this chapter. The comptroller may establish\nprocedures necessary to insure that investments of moneys of the New\nYork state venture capital program are, for each investment in a\nqualified business, equitably matched by investments made by other\nsources. The comptroller shall, to the maximum extent practicable,\ninsure that the geographic distribution of investments in the program is\nin proportion to the state population.\n