Sceptics says concentrated GP-leds are an expensive way of doing co-investments; the Canadian pension believes the two markets address different risk/reward profiles.
The CalPERS sale is among a slew of traditional LP portfolio sales to hit the market since the fall, with prices high and buyer interest piqued by more diversified investments.
The investment firm has committed to a double-down fund that Kibo Ventures will use to co-invest in existing portfolio companies as part of the transaction.