According to a report by Pensions & Investments, the California Public Employees’ Retirement System (CalPERS) has freed up cash for new investments by selling about $6 billion worth of private equity holdings in secondary market transactions.
The move comes after the $441.7 billion public pension fund hired Jefferies Financial to streamline its portfolio, which includes about $50 billion in private equity investments.
The buyers include Lexington Partners, an investment arm of Franklin Resources, and Glendower Capital of CVC Capital Partners, according to the Private Equity Wire, which quotes the article. The sale, which is approximately 10% below September 2021 levels, is the largest of its kind CalPERS has completed and is believed to be the largest ever in the private equity secondary market. (kb)
