PARTNERSHIP FOR NEW YORK CITY FUND
New York, New York
October 22, 2012
The Partnership for New York City Fund today announced the selection of Charles “Chip” Kaye, co-president of Warburg Pincus LLC, as co-chairman. Mr. Kaye, who has served on the Fund Board of Directors since 2010, joins co-chair Richard Cashin, and replaces Russell Carson who served in the post since 2003.
The Partnership Fund, formerly known as the New York City Investment Fund, is a $110 million evergreen fund that was largely capitalized by contributions from members of the Partnership for New York City. The fund invests directly in projects that create jobs, improve economically distressed communities and stimulate new business creation. Its investments typically range in size from $1 million to $5 million. To date, the Partnership Fund has invested in more than 100 projects, including initiatives and companies such as:
“Since 1996, this fund has played a pivotal role in diversifying the local economy and providing assistance to entrepreneurs across the five boroughs. Like our founders, Henry R. Kravis and Russ Carson, Chip Kaye brings deep investment experience and a strong commitment to New York,” said Maria Gotsch, President and CEO of the Partnership for New York City Fund.
“The Partnership Fund leverages the power of the city’s established business leaders and investors to help develop the next generation of entrepreneurs and companies. I look forward to working with Dick Cashin to find new ways to deploy both capital and operational expertise from the business community to help grow our city’s economy,” said Chip Kaye.
“Russ Carson’s contribution—both as an investor and leader—has been invaluable. When David Rockefeller founded the Partnership many years ago, it was with the firm belief that it was incumbent upon the business community to give back. Chip Kaye is someone who will continue this fine tradition,” added Henry R. Kravis, Co-founder and Co-CEO of Kohlberg Kravis Roberts & Co. and Founding Chairman of the Partnership for New York City Fund.
Charles R. Kaye has been with Warburg Pincus since 1986 and has been co-president since 2001. Mr. Kaye lived in Hong Kong from 1994-1999 where he was instrumental in the launch and development of Warburg Pincus' Asia operations. Mr. Kaye is a graduate of the University of Texas, a member the Council on Foreign Relations and the former chairman of the U.S.-India Business Council and The Asia Society. Mr. Kaye also sits on the International Advisory Board of the Center for The Advanced Study of India (CASI) at the University of Pennsylvania, serves on the Board of Directors for the Partnership for New York City and is an investment committee member of Sheridan Production Partners.
About The Partnership Fund for New York City
The Partnership Fund for New York City (www.pfnyc.org) – formerly the New York City Investment Fund – is the vision of Henry R. Kravis, founding partner of Kohlberg Kravis Roberts & Co., who serves as its Founding Chairman. The Partnership Fund has raised over $110 million to mobilize the city's world financial and business leaders to help build a stronger and more diversified local economy. It has built a network of top experts from the investment and corporate communities who help identify and support New York City's most promising entrepreneurs in both the for-profit and not-for-profit sectors. The Fund is governed by a Board of Directors co-chaired by Richard M. Cashin, Managing Partner of One Equity Partners, and Charles “Chip” Kaye, co-president of Warburg Pincus LLC. The Partnership Fund is an affiliate of the Partnership for New York City (www.pfnyc.org), an organization of the leaders of New York City's top corporate, investment, and entrepreneurial firms. They work in partnership with city and state government officials, labor groups, and the nonprofit sector to promote the interest of the city and its neighborhoods. The Partnership carries out research, policy formulation, and issue advocacy at the city, state, and federal levels, leveraging the resources and expertise of its CEO and Corporate partners.