N.Y. State Common drops Moody Aldrich after Focused Value sale to Anchor
By Robert Steyer | January 4, 2013 3:30 pm
New York State Common Retirement Fund, Albany, terminated Moody Aldrich Partners, which ran $32.6 million in its Focused Value Fund, confirmed Eric Sumberg, a spokesman for New York State ComptrollerThomas DiNapoli, the sole trustee of the $150.1 billion pension fund.
The Focused Value Fund, a domestic all-cap equity fund, “was recently acquired by a larger firm, Anchor Capital Advisors,” Mr. Sumberg wrote in an e-mail. “Due to this acquisition, they were no longer considered part of the (New York) fund's emerging manager program, which is typically defined as assets under management of $2 billion or less.”
The money was moved to cash temporarily “pending a rebalancing of the emerging manager account,'' he explained.
The New York pension fund doesn't have any other investments with Moody Aldrich, wrote Mr. Sumberg, adding that the pension fund invested in the Focused Value Fund in July 2010.
Separately, the pension fund committed $10 million to Clearlake Capital Partners III LP, a private equity fund managed by Clearlake Capital Group specializing in distressed debt and buyouts, Mr. Sumberg confirmed.
The commitment was made through the New York State Common Retirement Fund Pioneer Partnership Fund, which Mr. Sumberg said was one of the pension fund's emerging manager fund-of-funds.
Previously, $20 million was committed to Clearlake Partners Fund II, also through the Pioneer Partnership Fund.