N.Y. Retirement & Social Security Law § 423-b: New York state venture capital program

§ 423-b. New York state venture capital program. The comptroller is

hereby authorized to establish within the common retirement fund a New

York state venture capital program for the purpose of investing in

qualified businesses as defined in paragraph six of subdivision (a) of

section eleven of the tax law. The comptroller is authorized to invest

up to two hundred fifty million dollars of assets of the common

retirement fund to carry out the purposes of this section. The

comptroller may make investments pursuant to this section in

partnerships, corporations, trusts or limited liability companies

organized on a for-profit basis that enter into agreements to invest the

moneys of the New York state venture capital program in qualified

businesses. The comptroller shall make such investments consistent with

the provisions of paragraph (b) of subdivision nine of section one

hundred seventy-seven of this chapter. The comptroller may establish

procedures necessary to insure that investments of moneys of the New

York state venture capital program are, for each investment in a

qualified business, equitably matched by investments made by other

sources. The comptroller shall, to the maximum extent practicable,

insure that the geographic distribution of investments in the program is

in proportion to the state population.