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BioAccelerate NYC Prize

The Partnership Fund for New York City, with assistance from the New York City Economic Development Corporation (NYCEDC), is sponsoring the BioAccelerate NYC Prize, a citywide competition that provides funding for biomedical research. The focus is technology and research that have advanced beyond the point where an academic institution or the National Institutes of Health (NIH) is prepared to fund, but before the investment and commercial sectors are interested in committing dollars.

Under the terms of the grant with participation, BioAccelerate NYC will receive a percentage of whatever the host university receives if the technology funded by this competition is licensed externally. Any returns to BioAccelerate NYC will be returned to the New York City Partnership Foundation (a public charity affiliated with the Partnership Fund for New York City) and reinvested in other charitable projects.

Winners Announced

More information on BioAccelerate NYC




Greenpoint Manufacturing and Design Center

Small manufacturing businesses are an important source of meaningful employment for immigrant and minority workers, but are disproportionately affected by the lack of affordable real estate.

To assist this critical economic engine, the Partnership Fund has provided $5.0 million of financing to the Greenpoint Manufacturing and Design Center (GMDC), a Brooklyn-based non-profit real estate developer dedicated to preserving and creating affordable manufacturing space for small and medium-sized industrial firms. GMDC’s tenants include woodworkers, makers of home furnishings, food manufacturers, garment companies, metal workers, and a variety of other artisanal trades, artists and designers. These industrial tenants typically employ a high percentage of residents from the surrounding community and provide their workers with livable wages and benefits.

Utilizing the Partnership Fund’s capital, GMDC successfully leveraged public and private funding to develop approximately 325,000 square feet of industrial space in five buildings throughout Brooklyn, helping to preserve more than 500 permanent jobs.

The most recent project was the redevelopment of a 72,000 square foot facility in East Williamsburg, Brooklyn, which had housed a furniture manufacturing company that had moved its operations to Asia. The refurbished facility, which opened in early 2009, will house approximately 20 small manufacturing companies employing more than 100 people, many of whom were displaced by the rezoning of the Greenpoint/Williamsburg waterfront from industrial to residential.




New York City’s entrepreneurial sector experienced tremendous growth in the late 1990s with the rise of Silicon Alley and establishment of numerous Internet-based startups. Through its Sector Groups + Volunteers and investments, Partnership Fund played a key role in making critical connections between some of these technology startups and large corporate investors.

In September 1999, the Fund helped organize a consortium of New York-based financial institutions to both invest and actively participate in a new electronic trading platform for the credit derivatives market. Creditex, Inc. was established by two Wall Street bankers, Sunil Hirani and John McEvoy, who identified a need for a common trading platform in credit derivatives to address the structural inefficiencies of that market.

By August 2008, when it was acquired for $513 million by IntercontinentalExchange, Inc. (ICE), Creditex employed 255 people, of whom 151 were in NYC, with the balance in London and Singapore. In March 2009, Creditex’ parent company ICE received approval from the Securities and Exchange Commission and the New York State Banking Department to begin processing and clearing credit default swap (CDS) index transactions on a new regulated exchange, ICE US Trust LLC. This new exchange incorporates Creditex’ technology and has become a key part of national regulatory efforts to increase the transparency and accountability of the CDS market.

In addition to the Partnership Fund’s investment dollars, Creditex benefited from the expertise and strategic guidance of Partnership Fund board representative John Chalsty. Mr. Chalsty, who was Chairman and CEO of Donaldson, Lufkin & Jenrette, brought more than a quarter of a century of experience in financial services to Creditex, where he served for a number of years as Chairman of its board.