By Brendan Anderson

New York State Comptroller Alan Hevesi, who has fought for years for fair employment practices in the North, says he is now ready to invest capital there.

Hevesi, comptroller of New York State’s $140 billion retirement fund, has always been a strong campaigner for the abolition of discrimination in employment practices in the North where Catholics were often excluded from skilled jobs.

But now, Hevesi says, the gap between Protestant and Catholic employment figures was closing and enough progress had been made through the Irish peace process to permit him to carry out a promise to invest in the North.

Hevesi, however, indicated on Tuesday that the $7 million for business development was not simply based on compassionate grounds, and he would be expecting a return on the retirement fund’s investment.

While the $7 million (£3.75 million) figure is impressive by local standards, it could result in even more investment by other U.S. companies following the lead given by Hevesi, who was heavily involved in Northern Irish affairs during his time as New York City comptroller.

The cash injection will aid small technology companies and forms part of a £22.5 million venture capital fund administered by Crescent Capital II, a Belfast-based equity fund sponsored by Invest Northern Ireland.

Explaining why he now felt free to launch the investment in the North after years of seeking equality of employment there, Hevesi said, “The investment climate in Northern Ireland is much more favorable today, thanks to the ongoing peace process. As a result, the region now presents an attractive opportunity for the New York pension fund to obtain a meaningful return on investment for the fund’s 971,000 members while creating jobs and prosperity in Northern Ireland.”

“Northern Ireland represents tremendous opportunities for growth and prosperity, regardless of religious, political or any other affiliation. We are investing in Crescent Capital II because the fund represents an excellent opportunity, with the potential to create new jobs and economic prosperity for all communities by providing local technology companies with much-needed capital so they can grow and thrive here in Northern Ireland.”

“I anticipate a competitive return for the New York Retirement Fund,” he added.

Nationalist politicians from the SDLP and Sinn Fein were present for Hevesi’s announcement in Belfast on Tuesday, but no Unionists attended. The Irish Voice, however, understands that Hevesi spoke to Unionist representatives afterwards.

Welcoming the retirement fund investment, Sinn Fein President Gerry Adams said, “Mr. Hevesi’s goodwill investment gesture is evidence of his continuing and long-standing interest in economic development, equality and the peace process.”