|PRINT | CLOSE WINDOW|
5Linx Enterprises Inc. has generated an estimated $6.7 million return, nearly four times the initial investment, for the New York State Common Retirement Fund, a state official said Thursday.
The Henrietta-based telecommunications company also has generated an estimated 21 percent internal return rate for the retirement fund, which aims to find worthwhile investments in companies located in New York, said state Comptroller Thomas DiNapoli.
“The success of the 5Linx investment is another example of how the In-State Private Equity Program delivers positive results for the fund and for our local communities,” DiNapoli said in a statement.
Fund manager for the program, Trillium Group LLC, received a commitment of $25 million for venture capital funding 10 years ago. It has made 14 investments in New York companies, including 10 companies in or near Rochester.
5Linx received $1 million in 2006, $600,000 a year later and $100,000 in 2009, DiNapoli said.
“5Linx has gone on to experience significant growth and business success culminating in a return of capital to the Common Retirement Fund with a very attractive rate of return,” said Christopher O’Donnell, general partner for Trillium Group, in a statement.
5Linx has provided telecom services for residential and business clients for 13 years. It ranked ninth on the 2013 Rochester Top 100 list of fastest-growing private companies. It ranked No. 1 on the 2012 list. The company reported 268 employees in 2013, including 246 locally.
(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail firstname.lastname@example.org.