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New York City Investment Fund
 
 
Overview: 

The New York City Investment Fund is a private fund with a civic mission. The fund was the vision of Henry R. Kravis, founding partner of Kohlberg Kravis Roberts & Co., who serves as its Founding Chairman. His goal was to mobilize the city's financial and business leaders to help build a stronger and more diversified local economy. To that end, the Fund has built a network of top experts from the investment and corporate communities who help identify and support New York City's most promising entrepreneurs in both the for-profit and not-for-profit sectors.

The Fund was established in late 1996, under the auspices of the nonprofit The Partnership for New York City. It was initially capitalized by contributions of $1 million each from sixty-seven individual and corporate investors, who invested for the good of the city and without expectation of financial returns. This is an evergreen fund, in which realized gains are reinvested in other worthwhile projects.

The Fund has raised in excess of $110 million. Its investments typically range in size from $1 million to $5 million. The Fund provides equity or debt, structured to meet the needs of the project. It will invest at any stage of business development, but is seeking to exit in about five years. To date, the Fund has invested in over eighty projects.

In response to other targeted needs that have arisen in the city, the Fund has created special purpose programs to address those needs. For example:
Arts Entrepreneurial Loan Fund — in partnership the New York State Council on the Arts, a State agency, $2 million in low interest loans were provided in 2007 to eight nonprofit arts/ cultural groups in support of entrepreneurial and infrastructure projects.
Financial Recovery Fund (PDF 361K) — $11 million was raised to provide 88 recoverable grants to small businesses in Lower Manhattan that suffered damage following the events of September 11, 2001.


 
 
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