It's a big help to a growing business. State comptroller Thomas DiNapoli announces Ithaca-based Cognitive TPG is the latest recipient of an In-State Private Equity Program investment. Tamara Lindstrom tells us what it means for the company and the economy.
ITHACA, N.Y. -- It may come with a risk, but the state comptroller thinks it's a good one.
"We make sure that we're putting our money on very good bets," said New York State Comptroller Thomas DiNapoli. "And our experience with the In-State program has actually been a very positive one. Overall, over the life of the program, our rate of return is about thirty percent."
On Tuesday, DiNapoli announced a $2.5 million investment in Cognitive TPG, a point-of-sale printing company based in Ithaca, from Delta Point Capital. The investment is part of the In-State Private Equity Program, which invests state pension funds into companies throughout New York.
"Here in Tompkins County, since 2007, we've invested $19 million in four different investment opportunities," DiNapoli said. "So part of our reason for being here is really to acknowledge this great new relationship that we have with Cognitive TPG, to have people pay more attention to this great company here in Ithaca. But it's also a way for us to get out the message that more capital is available for deployment."
DiNapoli calls the investments a win/win, boosting both the pension fund and the state economy.
"We now have committed a billion dollars of pension fund money to this program," DiNapoli said. "And I'm pleased to report that of that billion dollars, we actually have about $615 million that is out the door invested in 224 companies. That still means we have a fair amount of capital still out there to be invested."
For Cognitive TPG, it means expanding their product line.
"Long term, the investments from Delta Point are going to allow us to release more and more new products," said Kyle Turner, Cognitive TPG President and CEO. "It's freeing up capital for us to create more product line. And as those lines grow, supporting staff will grow with it."
And if the risk pays off, it will mean more jobs for the community and more money for the state pension fund.
DiNapoli's office reports more than 3,000 jobs have been created through the program since 2001.