The endowment increased its 2026 policy target for private equity, looking to hit a 30% allocation mark in coming years.
Sports-focused foundation joins a number of APAC institutions seeking liquidity via the secondaries market this year.
The investment firm deployed $700m in GP stake secondaries alone in 2024, including a single transaction valued at over $500m, founder and chief investment officer Christopher Zook said.
While CalPERS has been a net buyer of secondaries in the past, poor distributions from private equity assets in these particular vintage years would cause the LP to look at opportunistic sale processes of certain managers.
Horizon II, a private equity mandate Federated Hermes was awarded by the BT Pension Scheme, has received the LP-interest financing.
Coller Capital's latest Global Private Capital Barometer also found that over a third of LPs plan to increase their commitments to secondaries over the next 12 months.
The $200bn pension now places a greater focus on the CV market, which is less crowded by retail capital, according to senior investment officer John Bradley.
The overall buyers on the deal could account for a portfolio of around $3-$4bn, Secondaries Investor understands.
Khazanah joins a number of APAC sellers this year, with Malaysia's EPF and China Investment Corp also looking to offload portfolios.
The deal marks another notable transaction by a Taiwanese insurer following Fubon Life's over $1bn sale of a private market portfolio.