February 2004
DeltaPoint Capital Management, LLC Announces Approval of SBIC License
(Rochester, NY) DeltaPoint Capital Management, LLC, a Rochester NY-based manager of private equity has received notification that the U.S. Small Business Administration (SBA) has approved an application by DeltaPoint Capital III L.P. to operate as a Small Business Investment Company (SBIC).
"We are pleased with the SBA's decision to grant us a license and excited to begin deploying capital to businesses located in Upstate New York", said David Waterman, Managing Director of DeltaPoint Capital. "The receipt of our license from the SBA further validates DeltaPoint Capital's investment strategy which targets investments in small to medium sized businesses located in New York State".
DeltaPoint Capital III is the third pool of private equity capital managed by DeltaPoint and targeted for investment in established, privately owned or closely held companies located in New York State. DeltaPoint Capital III plans to invest in as many as 15 businesses over the next five years.
DeltaPoint Capital III's limited partners include the New York State Common Retirement Fund, which has committed $25 million to DeltaPoint Capital III as part of its $270 million in-state investment program. The $117 billion New York State Common Retirement Fund is the nation's second largest public pension fund. Alan G. Hevesi, New York State Comptroller, is the sole trustee of the Common Retirement Fund. The balance of committed capital has been raised among a number of individual investors and institutions.
"I am gratified that DeltaPoint has cleared this important hurdle," Hevesi said. "I am excited at the prospect that in cooperation with DeltaPoint Capital III, we will invest money in several New York-based companies that will help those firms to expand and create jobs, which ultimately will give a much-needed boost to the local economy."
The principals of DeltaPoint Capital, David Waterman and Tom Cimino have been actively involved in providing investment capital to companies in New York State for the past 16 years. As founders of Capital Formation Group, a Rochester based merger and acquisition advisory firm, Waterman and Cimino have led more than 80 transactions involving Upstate New York based companies. Through two prior capital funds and other investments, the principals have invested in 13 Western New York companies, and are actively managing four of these prior investments.