by J.J. Colao
When the New York
State Common Retirement Fund invested $50 million with SoftBank Capital in
2005, it asked the firm to devote the cash exclusively to New York-based
companies. The result: “That fund was an off-the-charts winner,” says Jordan
Levy, who heads New York investments for SoftBank. The venture arm of Japanese
telecom giant SoftBank Group, the firm enjoyed notable exits with Huffington
Post, Buddy Media and OMGPOP among others—all based in the Big Apple.
It worked
so well that New York State wants to do it again. A new $54 million fund,
managed by Levy, will invest solely in New York startups. Levy made the fund’s
first investment in May, leading a $10 million round in Work Market, a
Flatiron-based company that runs an online marketplace for freelance workers. View Full Story At FORBES
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