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pfnyc.org

Investments

106

Portfolio Exits

22

Partners & Customers

1

About Partnership Fund for New York City

The Partnership Fund for New York City was founded by Henry R. Kravis and capitalized by leaders of global business and finance. Our mission is to mobilize our investors' resources in order to create a more diversified local economy. We have established a network of leading experts from the investment and corporate spheres who aid us in identifying and supporting New York City's most promising entrepreneurs, in both the for-profit and not-for-profit sectors. Established in 1996, the Fund operates as the economic development extension of Partnership NYC, the leading voice for New York's business community. Each of our sixty-seven initial investors contributed $1 million to capitalize the fund for the benefit of New York City, and without expectation of financial return. To date, the Partnership Fund has invested in over 100 exemplary projects that have made and continue to make meaningful impact in local economic growth. As an evergreen fund, realized gains are reinvested in deserving projects. The Partnership Fund has raised in excess of $120 million, and our investments typically range in size from $1 million to $5 million. We provide equity or debt, structured to meet the particular needs of the project. We will invest at any stage of business development, but seek to exit in about five years.

Headquarters Location

One Battery Park Plaza 5th Floor

New York, New York, 10004,

United States

212-493-7548

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Latest Partnership Fund for New York City News

Accelerator Launches to Address New York’s Water Utility Challenges

Aug 7, 2023

Getty Images A burgeoning population, climate change and an aging sewage system are putting New York City’s water utility to the test. In one day, the city’s Department of Environmental Protection (DEP) supplies about 1 billion gallons of fresh water and processes 1.3 billion gallons of wastewater for nearly 10 million residents. A burgeoning population, climate change, and an aging sewage system are putting New York City’s water utility to the test. In one day, the city’s Department of Environmental Protection (DEP) supplies about 1 billion gallons of fresh water and processes 1.3 billion gallons of wastewater for nearly 10 million residents. The job entails keeping 14,500 miles of infrastructure in check that bring the clean water into the five Burroughs and carry wastewater out to a sprawling network of treatment plants. Erratic and severe weather patterns in recent years are taxing the 100-plus-year-old system, calling on DEP to adapt and build resiliency. At the same time, the agency is charged with enforcing noise and air pollution codes, among tasks to safeguard the environment and public health. These are intensely data-driven and technology-dependent jobs, and as DEP works to stay on its game, it has turned to The Partnership Fund for New York City for help finding more powerful technologies to upgrade its system and improve efficiency. In answer, The Partnership Fund, a $130 million investment arm of the Partnership for New York City, launched an accelerator, the Environmental Tech Lab (ETL), to connect DEP with young companies whose innovations are a potential match to the agency’s needs and goals; it has very specific ones. “We look forward to applicants to the ETL proposing solutions that can help us to leverage the vast amounts of existing data that we collect throughout our operations to enhance the management of assets and improve predictive maintenance and management of our infrastructure. That includes additional automation,” a DEP spokesperson wrote to Waste360. Predictive analytics and monitoring capabilities are especially piquing interest, like the ability to detect potential sewer and water main failures and stormwater backflow. Stakeholders want to know what models they could run to determine the need for changes in chemical dosing for water and wastewater, and to inform on water storage. On the automation front the agency is looking for what’s out there to better manage construction oversight tasks done manually today, from budgeting to engineering reviews to risk assessment. And it’s got its eye on green construction and building information management tools that automate carbon lifecycle assessments and track sustainability data, as well as tools to optimize fleet operations. The idea of this program is to make it easier for budding companies with promising ideas to get in front of DEP to be heard and test their solutions, which can take time if it happens at all, says Maria Gotsch, president and CEO of the Partnership Fund for New York City. “We are looking specifically for technologies from small companies in early and growth stages because that’s where most cutting-edge innovations are happening. So, we are enabling discovery,” Gotsch says. What’s in it for DEP is a chance to check out new technologies of entrepreneurs who have not been on the agency’s radar, and a chance to vet these emerging companies’ prototypes through a streamlined testing process. On a larger scale, ideally, the model will accelerate the roll out of innovations to more takers by having high-profile players evaluate them first. Companies that are accepted into the accelerator after the application process will participate in an eight-week "proof of concept" to pitch their value proposition and show their model at work. That will be the time for DEP to do a deep dive to better understand how the technologies work, then decide if they want to do a full-scale, roughly year-long, pilot. Moving to pilot is the first step and an important one for any business. “And for these young companies to be able to say their technology is being piloted by the largest water system in the country is a huge badge of honor,” Gotsch says. The Partnership Fund, backed by New York’s business community, began its work in the private sector with large banks, insurance companies, and money management firms, connecting young, small companies to these industry giants. Gotsch’s team moved that early model to the public sector in 2018, launching the Transit Technology Lab (TTL) with the Metropolitan Transportation Authority (MTA), helping the agency find new technologies to upgrade and operate its system in the midst of the subway crisis. So far, the TTL has fielded over 600 applicants, tested 36 technologies designed to improve public transit, and facilitated six procurements across New York MTA’s footprint. The early work with the transit agencies carried some weight with the impact fund’s newest government partner. The model proved it could bring emerging technology companies together with existing large organizations to test non-traditional solutions, DEP wrote. Plans are to bring in new accelerator applicants each year to help solve different challenges of the region’s water and wastewater utilities now and into the future. “By providing this unique opportunity for tech companies to collaborate with the DEP, we believe the lab can yield immense benefits for our water network, participating tech companies, and New Yorkers,” says Stacey Matlen, vice president of Innovation at the Partnership for New York City.

Partnership Fund for New York City Investments

106 Investments

Partnership Fund for New York City has made 106 investments. Their latest investment was in Kelvin as part of their Series A on May 5, 2023.

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Partnership Fund for New York City Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/18/2023

Series A

Kelvin

$30M

Yes

6

4/25/2023

Series A - III

Summer

$6M

Yes

3

4/25/2023

Series A - II

Summer

$6M

Yes

1

3/31/2023

Series B

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$99M

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10

2/28/2023

Series A - II

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$99M

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10

Date

5/18/2023

4/25/2023

4/25/2023

3/31/2023

2/28/2023

Round

Series A

Series A - III

Series A - II

Series B

Series A - II

Company

Kelvin

Summer

Summer

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Amount

$30M

$6M

$6M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

6

3

1

10

10

Partnership Fund for New York City Portfolio Exits

22 Portfolio Exits

Partnership Fund for New York City has 22 portfolio exits. Their latest portfolio exit was Tara Biosystems on April 05, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

4/5/2022

Acquired

$99M

3

9/30/2021

Reverse Merger

$99M

4

6/30/2021

IPO

$99M

Public

2

5/28/2021

Acquired

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$99M

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10

11/10/2020

Acquired

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$99M

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10

Date

4/5/2022

9/30/2021

6/30/2021

5/28/2021

11/10/2020

Exit

Acquired

Reverse Merger

IPO

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Public

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Sources

3

4

2

10

10

Partnership Fund for New York City Acquisitions

1 Acquisition

Partnership Fund for New York City acquired 1 company. Their latest acquisition was Regional Health Group on September 14, 2000.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

9/14/2000

$99M

Acquired

Date

9/14/2000

Investment Stage

Companies

Valuation

$99M

Total Funding

Note

Acquired

Sources

Partnership Fund for New York City Partners & Customers

1 Partners and customers

Partnership Fund for New York City has 1 strategic partners and customers. Partnership Fund for New York City recently partnered with Accenture on November 11, 2012.

Date

Type

Business Partner

Country

News Snippet

Sources

11/8/2012

Partner

Ireland

November 08, 2012 09:00 AM Eastern Standard Time. Accenture and Partnership for New York City Fund Announce Call for Participants for 2013 Lab. The New York FinTech Innovation Lab Launches Search for Leading Financial Technology Innovators.

`` UBS is proud to partner with and support those firms that are leading the technology revolution in key areas such as Big Data Analytics , Mobile , Social and Cloud , '' said UBS CTO Andy Brown .

1

Date

11/8/2012

Type

Partner

Business Partner

Country

Ireland

News Snippet

November 08, 2012 09:00 AM Eastern Standard Time. Accenture and Partnership for New York City Fund Announce Call for Participants for 2013 Lab. The New York FinTech Innovation Lab Launches Search for Leading Financial Technology Innovators.

`` UBS is proud to partner with and support those firms that are leading the technology revolution in key areas such as Big Data Analytics , Mobile , Social and Cloud , '' said UBS CTO Andy Brown .

Sources

1

Partnership Fund for New York City Team

8 Team Members

Partnership Fund for New York City has 8 team members, including current Chief Executive Officer, President, Maria Gotsch.

Name

Work History

Title

Status

Maria Gotsch

Chief Executive Officer, President

Current

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Name

Maria Gotsch

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Work History

Title

Chief Executive Officer, President

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Status

Current

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