CalPERS sells $2bn of fund stakes

The size of the portfolio sale is larger than previously thought.

The California Public Employees’ Retirement System‘s (CalPERS) private equity portfolio sale is larger than previously thought and has attracted strong interest, Secondaries Investor has learned.

CalPERS is currently in market with a portfolio of stakes worth in excess of $2 billion, according to two sources familiar with the deal.

Around $1 billion of the portfolio is buyout stakes, while another $1 billion comprises mainly tail-end funds and fund of funds interests.

The portfolio is of good quality and has received “a ton of bids” from a broad range of potential buyers, according to the sources.

The process is at the second stage of bids, the sources added. Greenhill Cogent is advising on the sell-side, and Ardian may be one of the bidders, according to the sources.

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