New York State Common Retirement Fund, Albany, terminated Capital Guardian as manager of a $430 million emerging markets equity portfolio, said information on the website of state Comptroller Thomas DiNapoli, sole trustee of the $176.2 billion pension fund.
“Capital Guardian emerging markets was terminated for performance,” Matthew Sweeney, a spokesman for Mr. DiNapoli, wrote in an e-mailed response to questions. “Proceeds have been put in cash to be redeployed at a later date.” No further details could be learned.
Chuck Freadhoff, a spokesman for Capital Group Cos., the parent of Capital Guardian, declined to comment.
The comptroller's office also said the pension fund made a $50 million private equity commitment to Hamilton Lane Advisors New York Credit SBIC Fund LP. “This is a credit fund, primarily mezzanine and mezzanine with equity targeted to small businesses as defined by the U.S. Small Business Administration,” Mr. Sweeney wrote in the e-mail.
The pension fund has done business with Hamilton Lane in the past.
Also, the pension fund closed on a $300 million commitment to Lake Montauk Fund of Funds II, which the comptroller's office describes on its website as an “opportunistic fund-of-funds platform” with Franklin Templeton Investments. The transaction with Franklin Templeton also includes a $50 million “sidecar” commitment.
The pension fund has had a relationship with Franklin Templeton since 2009, according to the comptroller's website.