On March 4, investors, fund managers, founders, policymakers and regional leaders gathered at the ETEC facility at the University at Albany for the 2026 Upstate Capital Impact Exchange — a one-day convening focused on how regions attract, deploy and scale investment capital. Hosted by Upstate Capital, the event highlighted the strength of New York State’s investment ecosystem and the critical role collaboration plays in driving long-term economic growth.
New York State Comptroller Tom DiNapoli opened the program and framed the New York State Common Retirement Fund as a catalytic institutional partner for statewide economic growth. DiNapoli noted that NY’s Pension Fund is a catalyst for economic growth and shared how the Fund has invested $2.7B in 600+ New York–based companies, boosting pension fund returns and creating jobs for New Yorkers while protecting pensioners’ interests. He concluded his remarks by distributing over $18K in unclaimed funds to a group of attendees.
DiNapoli’s remarks set the stage for a day focused on how strategic public-private partnerships and mission-aligned institutional capital can support innovation, job creation and regional development.
Program Panels
The program featured three panels examining key aspects of the capital landscape. Panel I: Building the Early-Stage Capital Pipeline, moderated by Jennifer Tegan of NY Ventures, brought together Marnie LaVigne of Launch NY, Jack McGowan of Buffalo Angels and Somak Chattopadhyay of Armory Square Ventures to discuss how early-stage funding networks help founders access capital and scale their businesses in New York.
In Panel II: Strategies for Success for Emerging & Core Managers, moderator Katie Moore of Hamilton Lane led a conversation with Sylvester McClearn and Leo Chenette of the New York State Common Retirement Fund (NYSCRF). The discussion explored the fund’s approach to identifying and supporting emerging managers, building long-term partnerships and strengthening the broader private equity ecosystem.
The final session, Panel III: Capital at Scale, examined how institutional capital can fuel company growth and regional impact. The panel featured an introduction by Dom Mammarella, Head of Impact Investments at Hamilton Lane and Upstate Capital Board Member, who provided an overview of how Hamilton Lane works with the New York State Common Retirement Fund to deploy capital through the In-state Investment Program. Jay McHarg, CEO of Rochester-based AeroSafe, then shared more about AeroSafe and his experience partnering with Hamilton Lane and the NYSCRF through multiple rounds of in-state financing. The conversation highlighted how mission-aligned investment can help companies expand while reinforcing the strength of the state’s investment network.
Lifetime Achievement Award: Frank McEvoy
A highlight of the event was the presentation of the Upstate Capital Lifetime Achievement Award to Frank McEvoy, retired Deputy Director of Private Equity at the New York State Common Retirement Fund. Presented by Dave Helgerson, the award recognized Frank’s decades of leadership and his lasting impact on New York’s venture and private equity ecosystem. Through his stewardship of the In-State Investment Program, Frank strengthened partnerships across the state and expanded access to capital for emerging managers and growing companies.
After the intimate discussion, Dave played a highlight video of colleagues, partners and family reflecting on the impact that Frank had on NYSCRF and presented the Upstate Capital Lifetime Achievement Award to Frank McEvoy. The award recognized Frank’s decades of leadership and his lasting impact on New York’s venture and private equity ecosystem. Through his stewardship of the In-State Investment Program, Frank strengthened partnerships across the state and expanded access to capital for emerging managers and growing companies.
The day concluded with a lively networking reception, where attendees continued conversations, built new relationships and explored opportunities for collaboration across the investment community.
Events like the Impact Exchange reflect Upstate Capital’s commitment to fostering a stronger, more connected investment ecosystem across Upstate New York, bringing together the people, ideas and capital that help regions grow and thrive.
Thank You to Our Sponsors
This event would not be possible without the continued support of our incredible sponsors: Hamilton Lane, The Business Council, University at Albany, Contour Venture Partners, Phillips Lytle LLP, New York Ventures, Woods Oviatt Gilman LLP, SUNY Research Foundation, KeyBank, Withum, Harter Secrest & Emery LLP, AlphaSense, Schwartz Heslin Group, Inc., Bluehenge Capital Partners and Seneca Holdings.