Community Development Venture Capital Alliance

The New York City Investment Fund
One Battery Park Plaza, New York, NY 10004-1479
Telephone: (212) 493-7548
Fax: (212) 809-9815
Website: www.nycif.org
Email: mgotsch@nycp.org

Key Personnel:
Kathryn Wylde, President and CEO
Janice Cook Roberts, Executive Vice President
Maria Gotsch, Senior Vice President & President of Civic Capital

Established: 1996

Total Committed Capital: $96 million

Amount Invested: $48 million

Geographic Focus: New York City

Background
The New York City Investment Fund is a private fund with a civic mission. Established in late 1996, under the auspices of the nonprofit New York City Partnership & Chamber of Commerce, it was initially capitalized by contributions of $1 million each from sixty-eight individual and corporate investors, who invested for the good of the city and without expectation of financial returns. This is an evergreen fund, in which realized gains are reinvested in other worthwhile projects. The key criterion for investment is that the venture is likely to generate benefits for New York City and its communities. Priorities include job creation, revitalization of distressed areas and innovative ideas or products that position New York at the cutting edge of growth sector industries.

Social Mission
The Fund's goal is to mobilize the city's world financial and business leaders to help build a stronger and more diversified local economy. The Fund has built a network of top experts from the investment and corporate communities who help identify and support New York City's most promising entrepreneurs in both the for-profit and not-for-profit sectors.

Investment Information
To date, the Fund has invested in over forty-five projects. The Fund makes investments in New York City. The Fund only invests in early stage technology or Internet companies alongside an experienced lead venture capital investor. The Fund typically does not make real estate investments, except where there is a direct and significant impact in terms of permanent job creation or new business development. Its investments typically range in size from $250,000 to $3 million, and it will invest at any stage of business development, but is seeking to exit in about five years. When investing in a venture capital deal, returns are expected to equal those of other at-risk parties. For non-profit projects, returns are at least equal to cost of funds.