Brockway Moran & Partners managing partner Michael Moran is transitioning out of the firm’s future funds, the firm announced in a statement. Moran, who helped launch the firm in 1998, will continue to remain active in funds currently under management.
“As I transition in the future, I want to express my appreciation to my talented partners and colleagues and wish them continued success,” Moran said in a statement.
It is unclear to what degree Moran will remain involved with Brockway Moran, which did not return a request for comment, or what his intentions are as he transitions out of the firm. Moran also could not be reached for comment.
“My partners and I thank Mike for his many contributions to the founding and building of the firm over the years,” managing partner Peter Brockway said in a statement.
The firm hasn’t raised a fund since it closed its third vehicle on $700 million in 2006. The fund, which included commitments from The Virginia Retirement System, The University of Chicago, AlpInvest and the Princeton University Investment Company, closed well over its $600 million target after only two months on the market. Performance data on the fund could not be located as of press time.
In November, the firm sold its stake in Tri-Star Electronics International, a designer of components for data and power on aircraft and defense platforms, for an enterprise value of $285 million. Tri-Star was the firm’s third exit since October 2010, according to a statement.
Brockway Moran, which is based in Boca Raton, Florida, typically focuses on growth oriented middle market companies valued between $50 million and $300 million.