New York State Common Retirement Fund, Albany, rebalanced its $510...

New York State Common Retirement Fund, Albany, rebalanced its $510 million Progress Investment Management’s emerging manager account in April, said State Comptroller H. Carl McCall, trustee of the $110 billion pension fund. As a result, Fuller and Thaler’s allocation was increased by $20 million, Brown Capital Management by $16 million and New Amsterdam Partners by $4 million; and Paradigm’s account was reduced by $20 million, Valenzuela by $13 million and Fortaleza by $7 million. The account was rebalanced to maintain Progress’ balance between midcap and small-cap investments. In addition, the fund committed $50 million to two South African private equity funds: $25 million to South African Private Equity Fund II, sponsored by Brait Capital; and $25 million to Ethos Capital Fund IV (formerly FirstCorp Capital). This is the system’s first investment with Brait. It had invested $25 million with FirstCorp Capital in 1996.