NY Comptroller: Five of 12 Scandal-Tied Funds are Underwater

NEW YORK (Reuters) – New York State’s $116 billion pension fund lost money on five of 12 of the private equity investments cited in federal and state corruption probes, the state comptroller said on Wednesday.

The losers were GKM Newport/NY Venture Capital; the Sector Performance Fund; Paladin Homeland Security (NY); Quadrangle Capital Partners II; and Strategic Co-Investment Partners, according to the release posted on the web site: here

The site also lists the winners, which include the Carlyle/Riverstone Energy Fund II.

The funds’ performance is as of March 31 this year.

Democratic Comptroller Thomas DiNapoli in a statement said the firms’ performance was made public “in the interest of transparency and not as an indication of potential misconduct.”

State Attorney General Andrew Cuomo has said millions of dollars of kickbacks paid by investment firms eager to manage the state’s retirement fund hurt the public by raising “the cost of doing business.”

(Reporting by Joan Gralla; Editing by Andrew Hay)