New York State Common Retirement Fund, Albany, has terminated five emerging managers that ran a total of $188 million in domestic equities, according to a monthly transaction report posted on the website of New York State Comptroller Thomas DiNapoli, sole trustee.
The report said the $133.8 billion pension fund terminated Paradigm Asset Management, which managed a $24 million small-cap portfolio, and large-cap managers Palisades Investment Partners, $75 million; Profit Investments, $55 million; Rasara Strategies, $8 million; and Mar Vista Investment Partners, approximately $26 million.
“It is not unusual for the fund to adjust its allocations to managers (by) either increasing, reducing or terminating,” Eric Sumberg, a spokesman for Mr. DiNapoli, wrote in an e-mail. “While we disclose such adjustments, we generally do not comment on specific managers and mandates.”
Mr. Sumberg declined to provide details about the terminations or any of the other transactions in the report.
Among those transactions, New York State Common officials said Steinberg Asset Management and Lombardia Capital Partners were graduated to a direct relationship with the fund from the emerging managers program and each received an additional $100 million to manage.
In the emerging managers portfolio, the pension fund also allocated an additional $39 million to Herndon Capital Management; $11.9 million to Seizert Capital Partners; $24.2 million to Stux Capital Management; and $13.2 million to OakBrook Investments.
New York State Common also reduced by $13.4 million the allocation to BRC Investment Management.
The pension fund also made a follow-on commitment of €100 million ($132 million) to Avenue Europe Special Situations Fund II LP, and a first-time commitment of $10 million to Contour Venture Partners II LP.
