N.Y. Comp. Codes R. & Regs. tit. 21 § 4252.8
At such time as an investment entity has invested 50 percent of the program funds committed to such investment entity and annually thereafter, the aggregate investments of program funds by the investment entity in beneficiary companies shall be leveraged with matching investment funds from private sources of capital, excluding investments after the initial funding round, at a ratio equal to or greater than two to one. Investments made in funding rounds prior to the date of the initial investment of program funds shall not be counted toward satisfying this matching investment funds requirement. Funding provided by the State of New York, including, but not limited to, small business technology investment fund proceeds, does not satisfy this matching investment funds requirement. In the case of two or more innovate NY investment entities investing in the same beneficiary company in the same investment round, matching funds from all private sources shall be applied as determined by the investment entities but no amount shall be applied as matching funds more than once.
N.Y. Comp. Codes R. & Regs. Tit. 21 § 4252.8