Comptroller: NY pension fund being put to good use

BUFFALO, N.Y. (WIVB) — New York State employees with pensions may not always know where their money is being invested, but New York’s comptroller highlighted one investment which he said will help the area.

A local company says thanks to Comptroller Thomas DiNapoli’s program, they’re able to stay in western New York — with all 600 local jobs included. DiNapoli revealed one investment from the In-State Private Equity Investment Program.

DiNapoli says the program — a fund with billions at its disposal — invested $10 million to help a West Seneca company keep its headquarters in western New York.

Multisorb turned to the state for a low-interest loan, and after vetting the application, the program granted the company a $10 million loan to help purchase full, local ownership of the business which fell to the hands of a trust set up on behalf of Multisorb’s founder who died five years ago.

“Today, we are the world leader in our industry. We are a global company, we have business all around the world,” James Renda, Multisorb president, said. “This is our world headquarters, our main manufacturing facility. We have a second site in Buffalo, in western New York.”

DiNapoli said although the goal is making money, they’re looking out for state interests as well.

“If we could do it in a way that creates or expands opportunities for businesses and for employment in New York, that’s exactly what we are looking to achieve,” he said. provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review. Note: Comments containing links are not allowed.

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