-Pension Funds to Invest in Infrastructure, Real Estate,
 and Alternative Energy Projects-

New York City Comptroller William C. Thompson, Jr. holds a news conference on Friday, April 11, 2008 to announce the largest public investment to date in Northern Ireland. Pictured (l to r) are: Congresswoman Carolyn B. Maloney (NY-14); Greg Floyd, President, City Employees Union Local 237; James Slevin, Vice President, Uniformed Firefighters Association (UFA); Larry Schimmel, Director of Pension Policy, New York City Office of the Public Advocate; Steve Cassidy, President, Uniformed Firefighters Association (UFA); deputy First Minister Martin McGuinness MP, MLA; First Minister The Rt. Hon Dr Ian Paisley MP, MLA; and, Thompson. Photo Credit: Marla S. Maritzer

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New York City Comptroller William C. Thompson, Jr. was joined today by the First Minister of Northern Ireland The Rt. Hon Dr Ian Paisley MP, MLA, and deputy First Minister Martin McGuinness MP, MLA to announce that four New York City Pension Funds have committed to investing an unprecedented $150 million in the Emerald Infrastructure Development Fund LP.

This investment is designed to increase portfolio diversification and bolster long-term performance of the assets of the retirement systems through investments in the growing economic infrastructure of Northern Ireland. 

“The Trustees of the New York City Pension Funds and I are very excited and optimistic about the opportunities for potential strong returns from investments in the expanding Northern Ireland economy,” Comptroller Thompson said at a news conference. “This announcement signals a great opportunity for investors such as the Pension Funds to invest in Northern Ireland’s bright future. We will continue to prudently assess other investment opportunities created by the dawn of this new era of peace in Northern Ireland.”

“The decision follows the Pension Funds’ longstanding, 20-year commitment to promoting peace and equality of opportunity for all in Northern Ireland,” Thompson added. “This is an historic next step for us.”

The four New York City Pension Funds are the: New York City Employees Retirement System (NYCERS), the Teacher Retirement System for the City of New York (TRS), the New York City Police Pension Fund, and the New York City Fire Department Fund.

“Based on vigorous assessment by our investment consultants, we are confident that there is great potential for long-term investment success in the region due to an historical underinvestment in infrastructure,” Thompson said. “We expect that other public and private investment funds will increasingly make Northern Ireland a major focus of their investment decision making. While our number one priority is a strong return on our investment, we are encouraged that these projects will promote sustainable development and equality of opportunity, and will help to improve the economic condition of those who have been disadvantaged by patterns of historic exclusion and by nearly 30 years of civil strife.”

Steve Cassidy, President of the Uniformed Firefighters Association of Greater New York and a trustee on the Fire Department Fund, said, “We are looking for investment opportunities that will provide solid returns for the pensioners in the New York City Fire Department Pension Fund.  Investing in Northern Ireland following the historic peace accords reached last year, will not only stimulate the economy, build infrastructure and peace in the region but also provide a solid return on our investment.”

Greg Floyd, President of Teamsters Local 237 and NYCERS trustee, said: “I am pleased to join Comptroller Thompson and other trustees to support this momentous investment. As the New York City Pension Funds have looked to diversify globally, the market in Northern Ireland presents a unique opportunity. We are confident that the time has come for further economic growth and stability in Northern Ireland, and that this investment will provide a solid return for New York City’s pensioners.”

Public Advocate Betsy Gotbaum, a NYCERS trustee, said, "The Fund's new investment - the largest major investment in Northern Ireland by a public fund to date - sends an important message that New York City continues to believe in promoting peace, fairness, and inclusivity in Northern Ireland. Following the historic power sharing agreement, Northern Ireland has emerged as an attractive place to invest, and the Funds are helping to contribute to its economic stability and long-term financial success."

Bronx Borough President Adolfo Carrión, a NYCERS trustee, said, “I wholeheartedly support NYCERS decision to make this investment and am optimistic that it will reap returns on both sides of the Atlantic.  The Emerald Infrastructure Development Fund offers the potential for excellent returns for our retirees and will contribute to the continued economic growth, stability and peace that Northern Ireland has benefited from over the past 10 years.   This investment is an exciting opportunity to expand and strengthen our pension investments.”

Queens Borough President Helen Marshall, who also serves on the NYCERS board, added, “I am happy to join Comptroller Thompson in supporting this $150 million investment that will help to continue a resurgent economy and help build projects that will improve the environment, provide health care and enhance transportation improvements.”

Congresswoman Carolyn B. Maloney (NY 14 - Manhattan & Queens) also joined Comptroller Thompson at today’s announcement.  “I am proud to stand with Comptroller Thompson as he announces this historic and forward-looking move by the New York City Pension Funds,” Maloney said. “These investments will not only pay off for New York City taxpayers, employees, and retirees, but will help realize the long-cherished vision for a peaceful and prosperous Northern Ireland.” 

Last year, Representative Maloney co-sponsored a successful House resolution expressing support for the power-sharing government in Northern Ireland, and in 2000 accompanied President Bill Clinton on his historic trip to Northern Ireland.

In November 2006, Comptroller Thompson and Steve Cassidy led a delegation to Northern Ireland to explore the potential for increased New York City investment in the region. The delegation met with representatives of all the major parties in Northern Ireland and urged them to work toward a resolution in achieving a power-sharing government in an effort to establish the long-term stability conducive to foreign investment. In May 2007, such an agreement was reached.

Thompson’s announcement marks the largest ever public investment from the United States in Northern Ireland. The $150 million investment will be managed by the Emerald Development Managers LLC, and will primarily target projects in the alternative energy, waste management, property development and conventional energy sectors. Emerald has made a commitment to focus on new assets in order to create value and jobs in Northern Ireland.

Examples of these assets will include the following facilities: renewable and clean energy; waste management, re-use and handling; conventional energy and distribution; and healthcare. Other projects will involve public infrastructure, such as light rail, water, and seaports, and real estate ventures, including commercial, hospitality, and retail developments.

More than half of Emerald’s total investments will be put towards projects that operate either exclusively in Northern Ireland or both parts of the island. The remainder are expected to be “green” investments in Northern America, predominantly in the renewable and clean energy, waste re-use, and environmental sectors.

Emerald is the successor to Cohen & Company LLC, a private equity firm founded in 1994 that focused on project equity and early stage venture capital investments. Emerald will manage its investments from offices in New York City and Belfast.

“Recent advancements towards peace in Northern Ireland have created attractive opportunities for investment,” Thompson added. “Companies doing business there will have access to a diverse and highly-trained workforce, which is vital to ensuring a company’s long-term investment viability.”

Comptroller Thompson serves as a member of the Board of Trustees of four of the five Pension Funds and is investment advisor to, and custodian of, the five Funds. Thompson has the fiduciary responsibility of investing and protecting the Funds for more than 237,000 retirees and beneficiaries and more than 344,000 City and City-affiliated employees.

Investing in the City's pension funds is one of the Comptroller's most critical tasks, and since taking office, Thompson has invested hundreds of millions of dollars in affordable housing and commercial real estate in New York City, demonstrated a serious commitment to fostering opportunities for women- and minority-owned firms, and spearheaded the creation of the largest Emerging Managers program in the United States.  Currently, the five Pension Funds have more than $112 billion in assets.

The New York City Pension Funds have been at the front of shareholder activism in pressuring many of America’s largest companies to improve workplace conditions, protect the environment, promote human rights abroad, and adhere to accepted corporate governance standards.

Besides Thompson, the Pension Funds’ trustees are:

NYCERS: New York City Finance Commissioner Martha E. Stark (Chair); New York City Public Advocate Betsy Gotbaum; Borough Presidents Scott Stringer (Manhattan), Helen Marshall (Queens), Marty Markowitz (Brooklyn), Adolfo Carrion (Bronx), and James Molinaro (Staten Island); Lillian Roberts, Executive Director, District Council 37, AFSCME; Roger Toussaint, President Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

TRS: New York City Finance Commissioner Martha E. Stark (Chair); Deputy Chancellor Kathleen Grimm, New York City Department of Education; and Sandra March, Melvyn Aaronson and Mona Romain, all of the United Federation of Teachers.

Police Pension Fund: Mayor Michael Bloomberg; New York City Police Commissioner Raymond Kelly (Chair); New York City Finance Commissioner Martha E. Stark; Patrick Lynch, Patrolmen’s Benevolent Association; Michael Palladino, Detectives Endowment Association; Edward D. Mullins, Sergeants Benevolent Association; Thomas Drogan, Lieutenants Benevolent Association; and Roy T. Richter, Captains Endowment Association.

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