LP sales

CIO Jim Grossman told the $63bn pension's board that staff would focus on slower private equity pacing to reduce its allocation for now.

The $56bn US pension will continue to look to the secondaries market to sell certain non-core holdings, CIO James Grossman has said.

Canada Pension Plan Investment Board's recent transaction shows that even at a time of considerable economic uncertainty, big, diversified portfolios can sell – and at a good price.

The Canadian pension giant is understood to have sold chunks of the portfolio, worth as much as $2.5bn in total, to separate buyers.

The US pension had set up a partnership with Pathway Capital Management last year to sell fund stakes.

The sale by Canada’s fourth-largest pension comes as it pivots to direct deals and invested a record amount in private equity in the 2019-20 financial year.

The pension giant is understood to be selling a portfolio containing high-quality stakes.

The deal is understood to have included stakes in funds managed by CVC Capital Partners, Blackstone and Apollo Global Management.

The interests were the last remaining pieces of a blockbuster sale the pension system made to Blackstone's Strategic Partners in 2018.

State of Wisconsin Investment Board's private equity portfolio improved by 520bps amid commitments to fewer managers and sales of stakes in non-core managers.