Visiting Dignitaries

New York State Pensions Are Funding Startups: The Limited Partners VCs Rarely Discuss

Movable Ink cofounder Vivek Sharma and Mr. DiNapoli via Twitter @NYSComptroller

When a startup raises a round of funding, the news typically includes a list of venture capital firms and angel investors that participated. But when a private equity or venture capital firm is raising money for its own fund, the process is much more opaque. Thus it often goes unmentioned that VCs count state-run common retirement funds among their limited partners.

To remind everyone of that fact, State Comptroller Tom DiNapoli, who manages the New York State Common Retirement Fund, dropped by the offices of two local startups yesterday afternoon: Movable Ink, which lets users serve up dynamic live content in their email, and Truveris, a software company that helps customers with pharmacy costs. We’re guessing his motivation for the tour went a little something like: Why should El Bloombito get all the credit? Read More