Business

Head of $192 billion US pension fund exploring investment opportunities in the north

New York State Comptroller Thomas P. DiNapoli discussed further investment opportunities with Sinn Féin Northern leader Michelle O'Neill
New York State Comptroller Thomas P. DiNapoli discussed further investment opportunities with Sinn Féin Northern leader Michelle O'Neill New York State Comptroller Thomas P. DiNapoli discussed further investment opportunities with Sinn Féin Northern leader Michelle O'Neill

THE head of a $192 billion US pension fund, who has invested millions of pounds in Northern Ireland, is exploring further investment opportunities here.

New York State Comptroller Thomas P. DiNapoli, who manages the New York State pension fund, visited both Northern Ireland and the Republic last week and received an honorary doctorate from the University of Ulster in recognition of both his multi-million pound investments in Northern Ireland and his unwavering support for the Irish peace process.

Mr DiNapoli has overseen the biggest-ever venture capital investments in the north, placing £11.5 million with Belfast-based Crescent Capital and over £5 million with Kernel Capital, to fund start-up and early-stage companies.

Kernel Capital is responsible for the Bank of Ireland Kernel Capital Growth Fund (NI), designed to help SMEs in Northern Ireland to accelerate their growth and Invest NI has committed £15 million to aid the project, part financed by the European Regional Development Fund.

On Wednesday July 12 The Comptroller met with Kernel Capital and a number of portfolio companies of the Bank of Ireland Kernel Capital Venture Funds, while later in the week he discussed investment opportunities with Sinn Féin Northern leader Michelle O'Neill.

“We are thrilled that Comptroller DiNapoli has returned to Ireland to pursue his ‘double bottom line’ investment strategy of garnering a return for the one million-plus New York State retirees while also doing good," Ms O'Neill said.

“I was especially pleased to see Dr DiNapoli take time out in Derry to meet with the new MP for Foyle Elisha McCallion and welcome his interest in making further commitments to the Derry-Donegal region.I have no doubt his leadership will encourage others, including Invest NI, to seize the potential of the northwest and ensure we cement the peace process progress have made with jobs."