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CalPERS back with another $1bn PE portfolio sale – exclusive

Greenhill Cogent has been hired to sell the portfolio just months after the US' largest pension sold up to $4bn-worth of private equity and real estate stakes.

The California Public Employees’ Retirement System (CalPERS) is preparing to sell a portfolio of fund stakes worth around $1 billion, four months after it completed the largest ever secondaries deal, Secondaries Investor has learned.

CalPERS is preparing to offload the private equity stakes in a process run by Greenhill Cogent, according to three sources familiar with the matter.

In November, the pension sold a $1 billion portfolio of diversified private equity stakes to more than 10 different buyers. The $285 billion pension also sold a portfolio of real estate fund stakes worth around $3 billion to Strategic Partners. The portfolio comprised 43 international and domestic funds from CalPERS’s non-strategic, legacy real estate portfolio and included stakes in Niam, Starwood Capital Group and CBRE Group funds, as Secondaries Investor reported.

“We are always exploring market opportunities, and may have more to say in the coming weeks,” a CalPERS spokesman said in an email. He declined to comment on the sale.

Greenhill Cogent declined to comment.

CalPERS said it wanted to use the secondaries market to cut the number of direct relationships it has with private equity firms to 30 from 100. The pension had relationships with 104 managers as of 30 June, according to its CIO Performance Report.