CalPERS Sale Signals Secondary Activity

The private equity secondary market is readying itself for what could be a defining moment. One of the private equity world’s most active limited partners, the California Public Employees’ Retirement System (CalPERS), is considering a sell-off of private equity partnerships to the tune of about $3 billion. Such a large amount of assets going on sale would get secondary buyers vying for pieces of the portfolio and would encourage other large LPs to follow suit.