A just released report summarizes the accomplishments of the Partnership for New York City’s $160 million investment arm since its founding in 1997. The Partnership and the Fund were established by collectivizing the financial strength and talents of private corporations and individuals, having each member contribute $1 million and also committing to volunteer their expertise to support the Fund’s projects. Much of the fund has supported the growth of the New York entrepreneurial tech ecosystem.
Titled, “Partnership Fund for New York City: Twenty Years of Investing in a Stronger, More Inclusive New York”, the report revealed that two-thirds of the Fund were for investments dedicated to expanding opportunity such as bringing Citi-Bike to lower income communities, while the remaining one-third underwrote projects that are catalysts for growth and diversification of the city economy. That included strengthening the city’s industry clusters and developing new business sectors of activity in financial technology, digital health and life sciences.
Specifically, $53.8 million went into accelerator facilities and startups driving the city’s innovation economy, while $70 million supported financing to minority and women entrepreneurs as well as nonprofit organizations. All returns are reinvested in worthwhile projects and key growth sectors of the local economy, making the fund sustainable over 20 years having been set up as an evergreen fund.
Also, supported was the first generation of Silicon Alley digital media and e-commerce startups, and later support focused on early AI, advanced manufacturing, and cleantech.
In each year of its operation, hundreds of experts from many diverse industries have gathered, serving as participants on the Fund’s sector advisory boards, as judges and mentors for fund programs, and as investment evaluation teams. These activities support the Fund’s outreach to promising sectors and companies across New York’s five boroughs.
“The Partnership Fund is equal parts economic development and social investment. The city cannot succeed without extending economic opportunity to all New Yorkers across the five boroughs,” said Chip Kaye, Co-CEO of Warburg Pincus and Co-Chairman of the Partnership Fund. “We have deployed much of the Fund’s capital and expertise to support projects that advance neighborhood revitalization, education and workforce development.”
The Partnership’s overall mission is to contribute directly to projects that create jobs, improve economically distressed communities and stimulate new business creation.