DiNapoli hints at pension investment on LI

At an economic conference sponsored by the Long Island Association, New York State Comptroller Thomas DiNapoli Friday offered some hope that the state's pension funds would make more investments in companies in Nassau and Suffolk counties.

DiNapoli could, of course, make no promises, but he told the gathering in Melville, "For several years we had no deal flow on Long Island." Then, he said, in the last 18 months state pension funds have invested in three Island companies, the most recent being $12.9 million in mattress retailer Sleepy's in Hicksville, in May.

"When I talk to our folks, what I'm getting is there's a lot happening on Long Island," DiNapoli said. "I said to our folks, 'Look for opportunities' " on the Island. "I am hopeful we will have more announcements soon."

Later, DiNapoli said his office has 18 investment managers who examine companies in the state for investment opportunities.

The state has invested, through its In-State Private Equity Program, in two other Long Island companies -- $4.1 million in PACS Industries, a switch gear manufacturer in Bethpage, in January 2011, and $5 million in Wright Risk Management in Uniondale, in December 2011.

During the conference, there was mostly gloom from the economists. But the moderator, Larry Levy, dean of the National Center for Suburban Studies at Hofstra University, got some laughs poking fun at economists by quoting Harry S. Truman. The late president once said, "Give me a one-handed economist! All my economists say, 'On the one hand, and on the other hand.' "