New York In A Green State of Mind

Apr 11 2008 | 2:00am ET

Hedge funds and private equity funds are not the only ones beating the cleantech drum. New York State Comptroller Thomas DiNapoli has unveiled his Green Strategic Investment Program, which will increase commitments to environmentally-focused strategies by $500 million over the next three years across the New York State Common Retirement Fund’s entire portfolio.

Currently, the fund has $40 million invested in private equity funds focused on renewable energy and clean technologies. It also has more than $440 million in commitments to funds where cleantech is a component of the fund’s overall strategy. DiNapoli’s Green Strategic Investment Program will allow for the expansion of the fund’s p.e. exposure to these sectors while encouraging additional investments across the fund’s entire portfolio.

“Clean technology and renewable energy have become increasingly profitable,” DiNapoli said. “It’s not just about doing good for the environment; going green is good for the bottom line too. This investment commitment will put us half a billion dollars ahead of the green curve.”

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