Private equity firm losing its eponymous co-founder.
Fortune has learned that Michael Moran is not expected to be a general partner on the next fund raised by Brockway Moran & Partners, the mid-market private equity fund he co-founded by Peter Brockway in 1998.
Sources did not give a reason for the move, but did add that Moran is expected to continue working on legacy portfolio and firm responsibilities.
Boca Raton, Fla.-based Brockway Moran raised $700 million for its third fund in 2006, and is expected to begin raising Fund IV sometime this year. Recently-added portfolio companies include Crisis Prevention Institute and The Country Vintner.
Neither Moran not Brockway responded to requests for comment.
Update: Brockway Moran just issued a press release about the move. It includes the following quote from Moran: “As I transition in the future, I want to express my appreciation to my talented partners and colleagues and wish them continued success.”
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