New York State Teachers' Retirement System, Albany, placed Montag & Caldwell on watch for underperformance of its $375 million active domestic large-cap growth equity portfolio, said spokesman John Cardillo. Grover Maxwell, who manages the account at the firm, did not return calls seeking comment.
Separately, the $73.4 billion system retained Peregrine Capital Management to handle $402 million in an active domestic small-cap growth equity portfolio and Baillie Gifford Overseas to run $376 million in active international equities. Also, up to $100 million was committed to Texas Pacific Group TPG IV; up to $50 million to Blackacre Institutional Partners; up to $40 million to Schroeder Ventures P123; and up to $32 million to Close Brothers Private Equity Fund VII. Funding will come from cash, said Mr. Cardillo.
The system also renewed its contract for one year with general investment consultant Callan and hired Shott Capital Management to provide stock distribution liquidation services for its private equity program, replacing HLM, which has left the business, according to Mr. Cardillo.
