New York Comptroller Tom DiNapoli is urging his team to find more investments in the North of Ireland - despite the tariff uncertainty roiling transatlantic trading relations.
Addressing the recent New York-New Belfast conference, he revealed that a string of investments in Northern Irish businesses, particularly in healthcare and tech, had brought strong returns for New York State's 1.2m public sector retirees.
"Let me emphasize that, as New York State Comptroller and Trustee of the New York State Common Retirement Fund, I remain committed to investing in Northern Ireland," he told a full house of Irish American leaders and Belfast business champions at the New York Athletic Club.
As many of you know, the Fund has made $111 million in private equity commitments in Northern Ireland, including a $50 million commitment that closed in 2023."
“Stressing that New York's interest in investing in the North of Ireland went hand-in-hand with ensuring the MacBride Principles on Fair Employment were implemented, DiNapoli said his fund was "still looking for investment opportunities. He singled out recent commitments to four Northern Ireland-based companies working in medtech, software, and semiconductors. These include a $10m injection into Axial3D, which specialises in 3D imaging for surgery, and $7.5m for IceMos Technology, a Belfast semiconductor firm with a growing global footprint.
The remarks come at a time of renewed economic uncertainty, with post-Brexit trade frictions and new U.S. tariffs announced by President Donald Trump adding to the geopolitical complexity facing Northern Ireland-based firms. Despite these headwinds, DiNapoli was upbeat.
“Our investments have brought solid returns, which is my first priority,” he said. “But they have also supported the ongoing economic and social progress of the region.”
DiNapoli, who oversees the $250bn New York State Common Retirement Fund, placed the investments within a broader historical frame, invoking former President Bill Clinton’s central role in the 1998 peace process.
“President Clinton recognised that building a strong economy in Northern Ireland would foster stability and long-term peace,” he said. “We’re continuing that vision in practical terms.”
That practical vision includes backing Belfast-based firms across a range of sectors. Recent exits from companies such as Kingsbridge Healthcare Group, Hospital Services Ltd, and Natural World Products have delivered notable returns for the fund. DiNapoli also highlighted the enduring importance of the MacBride Principles, a set of fair employment guidelines adopted by New York in 1992 to combat religious discrimination in Northern Ireland.
“We continue to ensure that the companies we invest in are upholding those principles,” he said. BRIDGE-BUILDING: Comptroller DiNapoli meets a large delegation of Irish Americans and Belfast delegates to the New York-New Belfast conference. Pic Andrew W. Hill
Among those speaking alongside the Comptroller at the event in New York was Hugh Cormican, founder of Cirdan, which builds diagnostic software for clinicians. The New York Retirees found recently participated in a new fundraising round for the Co Antrim company.
Noting that he had visited the North many times, most recently in 2023, DiNapoli praised the “tenacity and resilience” of the region’s workforce and called Northern Ireland’s companies “globally competitive.”
“This is good for New York’s retirees—and good for Northern Ireland’s growing economy,” he said, adding, “Although there are challenges ahead, New York remains a committed partner to Belfast and the future of Northern Ireland.”
