State Comptroller Tours Growing Henrietta Business
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The telecom company 5LINX is one of 19 business in Monroe, Ontario and Genesee Counties that New York's In-State Private Equity Program has invested in since it was created in 2001.
Nearly two million dollars of the more than $59 million invested locally from the state's Common Retirement Fund went to 5LINX between 2006 and 2007.
5LINX CEO Craig Jerabeck said he used the money to investment in infrastructure to accelerate growth. Since 2006, he said 5LINX has grown from 34 to 250 full time positions in Monroe County.
"We were able to transform ourselves from primarily a reseller into a full fledged telecom provider, so the jobs here are actually in support of that effort. If you look through the building, there are dozens of engineers, call center people that support the customers we bring on, so the investment was directly related to the purchases that have allowed us to grow the business," Jerabeck said.
DiNapoli said 18 investment managers decide which companies to invest in. So far, he said the program has returned $322 million to the state's pension Fund on the $206 million invested in 75 companies throughout the state.