A US trade delegation has been visiting NI this week, led by US Economic Envoy Joe Kennedy III.
New York State Comptroller, Thomas P. DiNapoli, joined Mr Kennedy in Belfast alongside Bernard McGuire, managing director of 57 Stars, an international private equity investor based in Washington DC.
Mr DiNapoli has managed New York State’s pension fund – he is responsible for the pensions of one million employees and retired people – since 2007.
The fund is thought to have already boosted many company investments here.
“Northern Ireland’s dynamic economy has proven a good investment for our state pension fund and I am gratified that we have the opportunity to expand on our long-standing economic relationship,” Mr DiNapoli said.
“Our commitments in Northern Ireland have provided a solid return and that’s good news for the 1.1 million working and retired members of our pension system. But I am equally pleased that we can continue to participate in Northern Ireland’s economic growth, to help foster employment for all communities under the MacBride principles, and support the peace process.”
Mr Kennedy added: “For years, Comptroller DiNapoli and the members of the New York Pension system have bet on the people of Northern Ireland and invested their pension dollars in Northern Ireland’s future. Their faith in the people and the business opportunities have been rewarded, and I’m thrilled that the Comptroller and the people of New York are set to renew their investment given the exciting opportunities that lie ahead.”
“Northern Ireland is a smaller market that possesses numerous hidden gem businesses,” Bernard McGuire said.
“Companies there are globally competitive and boosted by a highly educated workforce. Having a foot in both the UK and European customs zone further enhances Northern Ireland’s competitiveness and its significant advanced manufacturing industry is poised to benefit.
“In this landscape, 57 Stars has found compelling investment opportunities. This investment addresses the historical challenge of accessing capital and it validates the market’s potential returns. We are excited to continue our relationship with the Fund and create partnerships with more companies in Northern Ireland to help them realise their growth ambitions.”
57 Stars will seek out investment opportunities in companies in Northern Ireland across an array of sectors. The $50m earmarked for Northern Ireland is part of a larger $175m commitment to 57 Stars for international markets in Europe and elsewhere.
Including Tuesday’s announcement, the state’s pension fund has committed almost $110m to private equity investments in Northern Ireland since 2005.
To date, approximately $48m (£39 million) has been allocated to investments in Northern Ireland’s manufacturing, tech and healthcare sectors.
Including Mr DiNapoli’s newest commitment, approximately $58m is available for investment.
The senior business delegation arrived to Northern Ireland on Tuesday and will stay for a number of days to hear about the region’s homegrown talent, research and development (R&D) and strong entrepreneurial ecosystem.
The delegates are due to meet established US investors and politicians.
Around 30,000 people in Northern Ireland are employed by US businesses, which have generated nearly $2bn in investment here in the last decade.
A large number of potential investors from the US visited Northern Ireland last month for the NI Investment Summit. The event was led by the UK’s Department for Business and Trade.
