Empire State Development – New York Ventures
Venture capitalNew York · Pre-Seed–Series B · 9 people tracked
Also known as Empire State Development
Investment thesis
New York Ventures is the venture capital division of Empire State Development, New York State's economic development agency, investing in early-stage and growth-phase startups across the state's innovation sectors.
Source: firm website, verified Jul 21, 2026.
Team · 9 people
from public directories
Fund commitments · as a limited partner · 610
as of Mar 2025Private-fund positions this organization discloses in its own public filings and reports — $130.9B committed, $74.1B reported NAV. Returns are this LP's own position, net of fees.
| Fund | Manager | Vintage | Committed | NAV | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|---|---|
| ICG Exelsior SCSp | Intermediate Capital Group | 2021 | $2.6B | $1.4B | — | 1.20x | 0.08x |
| NYSCRF NB Co-Investment Fund II, LLC | NYSCRF NB Co | 2020 | $2B | $2.1B | — | 1.25x | 0.12x |
| Blackrock Fixed Income Opportunities Nero LLC | BlackRock | 2015 | $2B | $46.2M | — | 1.26x | 1.24x |
| Fixed Income Opportunities NB LLC | Fixed Income | 2015 | $1.5B | $360.3M | — | 1.57x | 1.33x |
| Hudson River Fund II, LP | Hudson River | 2001 | $850M | $25.3M | — | 1.55x | 1.52x |
| NYSCRF NB Co-Investment Fund, LLC | NYSCRF NB Co | 2015 | $800M | $621.1M | — | 2.05x | 1.26x |
| B Capital Global Growth IV, L.P. | B Capital | 2024 | $750M | — | — | — | — |
| Brookfield Global Transition Fund, L.P. | Brookfield Asset Management | 2021 | $750M | $526.7M | — | 1.19x | 0.05x |
| Vista Equity Partners Fund VII L.P. | Vista Equity Partners | 2018 | $750M | $801.4M | — | 1.22x | 0.10x |
| Blackstone Capital Partners V LP | The Blackstone Group | 2006 | $675M | $1.5M | — | 1.65x | 1.65x |
| Ares SSG Capital Partners VI, LP | Ares | 2022 | $650M | $551.6M | — | 1.27x | 0.42x |
| Dawson Partners (Empire), LP | Dawson Partners | 2019 | $650M | $592.8M | — | 3.49x | 0.05x |
| Strategic Value Excelsior Fund, LP | Strategic | 2018 | $650M | $638M | — | 1.41x | 0.21x |
| Whitehorse Liquidity Partners (Empire), LP | Whitehorse Liquidity Partners | 2019 | $650M | $456.5M | — | 1.47x | 0.19x |
| Khosla Ventures Excelsior, LP | Khosla Ventures | 2023 | $600M | $322.2M | — | 1.13x | 0.00x |
| KKR 2006 Fund, L.P. | Kohlberg Kravis Roberts | 2006 | $600M | — | — | 1.69x | 1.69x |
| KKR Americas XII | Kohlberg Kravis Roberts | 2016 | $600M | $739.5M | — | 2.15x | 0.91x |
| KLIM Delta Excelsior Fund LP | — | 2023 | $600M | $424.7M | — | 1.16x | 0.00x |
| KLIM Delta HQC3 LP | — | 2023 | $600M | $308.1M | — | 1.02x | 0.00x |
| Bridgepoint Credit Empire SMA SCSp | Bridgepoint | 2018 | $587.6M | $503.1M | — | 1.71x | 0.86x |
| CVC Capital Partners VIII-A LP | CVC Capital Partners | 2021 | $541M | $575.1M | — | 1.14x | 0.01x |
| New York Legacy Venture Capital Fund, LP | — | 2004 | $502.5M | $229M | — | 1.85x | 1.40x |
| Apollo Excelsior, LP | Apollo | 2022 | $500M | $426.4M | — | 1.15x | 0.44x |
| Blackstone Capital Partners VII LP | The Blackstone Group | 2016 | $500M | $427.1M | — | 1.69x | 0.90x |
| Blackstone Capital Partners VIII LP | The Blackstone Group | 2021 | $500M | $462.2M | — | 1.25x | 0.19x |
| Blackstone Tactical Opportunites Fund - N, LP | The Blackstone Group | 2013 | $500M | $15.5M | — | 1.18x | 1.13x |
| Brookfield Infrastructure Fund IV, L.P. | Brookfield Asset Management | 2019 | $500M | $556.2M | — | 1.51x | 0.41x |
| Global Infrastructure Partners IV | GIP | 2018 | $500M | $518M | — | 1.25x | 0.08x |
| Hellman & Friedman Capital Partners X, L.P. | Hellman & Friedman | 2021 | $500M | $517M | — | 1.17x | 0.12x |
| IFM Global Infrastructure (US), L.P. | IFM Investors | 2012 | $500M | $1.1B | — | 1.81x | 0.27x |
| KKR GLobal Infrastructure Fund IV, (USD) SCSp | Kohlberg Kravis Roberts | 2021 | $500M | $499.7M | — | 1.22x | 0.07x |
| KKR North America Fund XIV | Kohlberg Kravis Roberts | 2025 | $500M | — | — | — | — |
| NYSCRF NB Co-Investment Fund III, LLC | NYSCRF NB Co | 2024 | $500M | $62M | — | 1.00x | 0.00x |
| Oaktree Opportunities Fund Xb | Oaktree | 2018 | $500M | $464.4M | — | 1.69x | 0.45x |
| TPG GP Solutions (A), L.P. | TPG | 2024 | $500M | $139.2M | — | 1.28x | 0.00x |
| Vista Co-Invest Fund 2018-2, LP | Vista Equity Partners | 2019 | $500M | $658.5M | — | 1.08x | 0.02x |
| Vista Credit Partners III, LP | Vista Equity Partners | 2020 | $500M | $473.9M | — | 1.26x | 0.32x |
| Vista Equity Partners Perennial | Avista | 2020 | $500M | $588.8M | — | 1.57x | 0.09x |
| VISTA EQUITY PARTNERS VI, L.P. | Avista | 2016 | $500M | $488.5M | — | 2.05x | 1.27x |
| Apollo Investment Fund IX | Apollo | 2018 | $480M | $465.1M | — | 1.55x | 0.55x |
| New York Legacy Emerging Fund, LP | — | 2004 | $462.9M | $22.1M | — | 1.34x | 1.29x |
| EQT INFRASTRUCTURE VI (NO.2) USD SCSP | EQT | 2023 | $450M | $126.6M | — | 0.96x | 0.03x |
| TA XV, L.P. | TA Associates | 2025 | $450M | $48M | — | 0.89x | 0.00x |
| TA XIV, L.P. | TA Associates | 2021 | $410M | $439.6M | — | 1.13x | 0.04x |
| Access/NY European Middle Market Buyout Fund, LP | Access Capital Partners | 2005 | $405.7M | $562.6K | — | 1.26x | 1.26x |
| Apollo Investment Fund VIII | Apollo | 2013 | $400M | $102.1M | — | 1.42x | 1.17x |
| Apollo Natural Resources Partners II, LP | Apollo | 2015 | $400M | $80.5M | — | 1.26x | 1.06x |
| Blackstone Renewables Supplemental Account-N,LP | The Blackstone Group | 2019 | $400M | $237.8M | — | 1.18x | 0.00x |
| Blackstone Tactical Opportunities Fund II - N, LP | The Blackstone Group | 2015 | $400M | $91.5M | — | 0.54x | 0.33x |
| Blackstone Tactical Opportunities Fund III - N, LP | The Blackstone Group | 2020 | $400M | $406.8M | — | 1.99x | 0.69x |
| Brookfield Capital Partners Fund IV | Brookfield Asset Management | 2015 | $400M | $170.2M | — | 2.41x | 2.04x |
| Brookfield Capital Partners V,L.P. | Brookfield Asset Management | 2019 | $400M | $564.2M | — | 1.68x | 0.37x |
| Ellington Empire Fund, LLC | Ellington Management Group | 2022 | $400M | $418.6M | — | 1.06x | 0.14x |
| Green Equity Investors VIII, L.P. | Green | 2020 | $400M | $507.3M | — | 1.48x | 0.14x |
| Hamilton Lane NY Israel Fund, LP | Hamilton Lane | 2017 | $400M | $546.1M | — | 1.65x | 0.25x |
| KKR Global Infrastructure Investors III | Kohlberg Kravis Roberts | 2018 | $400M | $349.5M | — | 1.47x | 0.56x |
| KKR Infrastructure Investors Fund III, LP | Kohlberg Kravis Roberts | 2018 | $400M | $408.4M | — | 1.44x | 0.31x |
| KKR North America Fund XIII | Kohlberg Kravis Roberts | 2021 | $400M | $361.9M | — | 1.22x | 0.02x |
| NYSCRF Transition Annex Fund, LP | NYSCRF Transition Annex | 2019 | $400M | $207.2M | — | 1.38x | 0.17x |
| Pantheon Real Assets Strategic Opportunities | Pantheon Ventures | 2017 | $400M | $222.5M | — | 1.37x | 0.73x |
| RRJ Capital Master Fund III | RRJ | 2015 | $400M | $130.1M | — | 1.22x | 0.90x |
| Thoma Bravo Fund XII | Thoma Bravo | 2016 | $400M | $420.1M | — | 2.19x | 1.23x |
| Thoma Bravo Fund XIII | Thoma Bravo | 2018 | $400M | $492.3M | — | 1.95x | 0.95x |
| Thoma Bravo Fund XV | Thoma Bravo | 2022 | $400M | $435.4M | — | 1.36x | 0.00x |
| THOMA BRAVO XIV LP | Thoma Bravo | 2020 | $400M | $443M | — | 1.25x | 0.23x |
| Vista Equity Partners Fund V | Vista Equity Partners | 2014 | $400M | $349.1M | — | 2.15x | 1.46x |
| Vista Equity Partners Fund VIII | Vista Equity Partners | 2022 | $400M | $209.7M | — | 1.18x | 0.01x |
| Vista Foundation Fund III | Vista Equity Partners | 2016 | $400M | $342.9M | — | 1.92x | 1.19x |
| CVC Capital Partners IX L.P. | CVC Capital Partners | 2023 | $389.5M | $58.6M | — | 1.00x | 0.00x |
| Strategic Co-Investment Partners, LP | Strategic | 2006 | $380.6M | — | — | 1.38x | 1.38x |
| CVC Capital Partners VII, LP | CVC Capital Partners | 2017 | $378.7M | $497.2M | — | 2.01x | 0.81x |
| PIMCO Specialty Finance Income Fund Onshore Feeder, L.P. | PIMCO Europe | 2023 | $375M | $204.5M | — | 1.11x | 0.02x |
| Empire Opportunistic Secondary Fund LP | — | 2024 | $360M | $463.8M | — | 1.54x | 0.00x |
| Affinity Asia Pacific Fund V, L.P. | Affinity Asia Pacific | 2018 | $350M | $227.2M | — | 1.22x | 0.30x |
| Apollo Excelsior PE Co-Invest, LP | Apollo | 2023 | $350M | $201.8M | — | 1.12x | 0.09x |
| Apollo Investment Fund VI LP | Apollo | 2006 | $350M | $6M | — | 1.48x | 1.47x |
| Apollo Investment Fund VII LP | Apollo | 2008 | $350M | — | — | 1.67x | 1.67x |
| Apollo Investment Fund X | Apollo | 2022 | $350M | $124.9M | — | 1.17x | 0.17x |
| B Capital Growth Fund III, LP | B Capital | 2022 | $350M | $286.1M | — | 1.08x | 0.05x |
| Blackstone Green Private Credit Fund III, LP | The Blackstone Group | 2023 | $350M | $71.5M | — | 1.09x | 0.26x |
| Carlyle/Riverstone Global Energy and Power Fund II | Carlyle Group | 2003 | $350M | — | — | 1.29x | 1.29x |
| Green Equity Investors IX, L.P. | Green | 2023 | $350M | $207.4M | — | 1.12x | 0.03x |
| ISQ Global Infrastructure Fund III (UST), L.P. | I Squared Capital | 2020 | $350M | $293.4M | — | 1.22x | 0.01x |
| ITE Rail Fund, L.P. | Ite Rail | 2024 | $350M | $386.2M | — | 1.10x | 0.00x |
| LCM Partners CO IX, SLP | Lcm | 2023 | $350M | $227.4M | — | 1.18x | 0.03x |
| North Haven Tactical Value Fund II, LP | Morgan Stanley | 2022 | $350M | $186.4M | — | 1.20x | 0.00x |
| Patient Square Equity Partners, LP | Patient Square | 2023 | $350M | $302.9M | — | 1.18x | 0.01x |
| Providence Equity Partners VI | Providence | 2007 | $350M | $1.3M | — | 1.34x | 1.34x |
| PSC EP Discretionary Co-invest III, LP | — | 2023 | $350M | $384.1M | — | 1.43x | 0.00x |
| TPG Growth IV LP | TPG | 2018 | $350M | $377.1M | — | 1.68x | 0.72x |
| Warburg Pincus Private Equity X LP | Warburg Pincus | 2007 | $350M | $7.1M | — | 1.77x | 1.75x |
| The Seventh Cinven Fund | Cinven | 2019 | $346.2M | $409.5M | — | 1.27x | 0.13x |
| Seventh Cinven Fund | Cinven | 2019 | $345.4M | $382.6M | — | 1.19x | 0.00x |
| Domain Excelsior Fund, LP | Domain Associates | 2022 | $325M | $465.2M | — | 12.49x | 0.00x |
| Hellman & Friedman Capital Partners IX | Hellman & Friedman | 2019 | $325M | $512.3M | — | 1.62x | 0.14x |
| EQT Fund IX | EQT | 2021 | $324.6M | $420.4M | — | 1.31x | 0.19x |
| EQT Fund VIII | EQT | 2018 | $324.6M | $343.2M | — | 1.90x | 0.86x |
| Knickerbocker Co-Investment Partners | Knickerbocker Co | 2022 | $324.6M | $220.5M | — | 1.26x | 0.00x |
| Copenhagen Infrastructure V | Copenhagen Infrastructure Partners | 2024 | $324.4M | $72.2M | — | 0.91x | 0.00x |
| Copenhagen Infrastructure V Co-Investment | Copenhagen Infrastructure Partners | — | $324.4M | — | — | — | — |
Largest 100 of 610 disclosed positions. Source: NYSCRF Asset Listing - asset-listing-2025. TVPI = total value / paid-in; DPI = distributions / paid-in.
Frequently asked questions
- What stage does Empire State Development – New York Ventures invest at?
- Empire State Development – New York Ventures invests at the Pre-Seed, Seed, Series A, Series B stages.
- What is Empire State Development – New York Ventures's typical check size?
- Empire State Development – New York Ventures typically writes checks of $500K – $1.5M.
- What sectors does Empire State Development – New York Ventures focus on?
- Empire State Development – New York Ventures focuses on Advanced Manufacturing, AgTech, Biotech, Consumer, Data & Infrastructure, EdTech, Energy, Enterprise Software, Hardware, Medical Devices, New Materials, SaaS.
- Where is Empire State Development – New York Ventures located?
- Empire State Development – New York Ventures is headquartered in New York, US.
Media · Podcasts & interviews
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