Delaware Public Employees Retirement System, Dover, with $5 billion in assets, trimmed its exposure to convertible securities by terminating $50 million small-cap convertible manager Pecks Management Partners, said Dale Stratton, chairwoman of the board of trustees. The assets were split evenly between the pension funds two remaining convertible managers, Froley, Revy Investment and Oaktree Capital Management, said Ms. Stratton.
Pecks performance wasnt good relative to that of the other convertible managers, but the firm also was penalized because its small-cap style was out of favor, said Ms. Stratton. Pecks Chairman Arthur Berry declined to comment about the decision.
The pension fund also committed $25 million to Advanced Technology Ventures IV and $20 million to Trident Capital Fund IV, both of which are venture capital limited partnerships, said Ms. Stratton.