LP Sales

The disposal comes after the US's largest public pension reduced ties with 24 managers through sales in FY2016.

The French firm's US head was speaking at an industry conference in Cannes also attended by AlpInvest Partners, Hamilton Lane and Montana Capital Partners.

The $600m portfolio comprises two mandates from Pantheon and Pathway Capital Management, Secondaries Investor has learned.

The $4bn defined benefit pension has previously committed to vehicles managed by Lexington Partners and W Capital Partners.

The troubled pension was expected to approve the sale, which includes private equity and real assets stakes, on Thursday.

A senior investment officer at the $180bn pension previously said secondaries had become a "very useful portfolio construction tool".

The state's Board of Investments sold stakes in two private equity funds at a premium to NAV and did not use an advisor, meeting minutes show.

The deal was part of the US's largest public pension's $2.7bn portfolio sale which is yet to completely close, Secondaries Investor has learned.

US pension plans are torn between curbing private equity commitments or selling holdings to stay on target, and increasing their exposure to boost returns.

OPTrust, which manages Canada's 10th largest public pension, had previously signalled it was considering opportunistic sales of private equity assets.