Funds traded in CalPERS secondaries sale revealed

The $3bn portfolio sale was the largest-ever secondaries deal.

The California Public Employees’ Retirement System‘s (CalPERS) $3 billion real estate fund sale to Strategic Partners last year included stakes in Niam, CBRE Group, LaSalle and Starwood Capital Group funds, UK regulatory filings show.

Fund stakes transferred by the US’ largest pension were disclosed in separate filings between December 2015 and January 2016, Secondaries Investor reports. The portfolio sale was the largest-ever secondaries deal.

The disposal included the following funds:

  • CB Richard Ellis Strategic Partners Europe Fund III is a 2007-vintage €754 million vehicle managed by CBRE, focusing on value-added investments across Europe. 
  • Europe Fund III closed on €809 million in June 2007 and focuses on opportunistic property investment across all sectors in Europe. The fund, which was launched by JER Partners, was taken over by LaSalle Investment Management in February 2012 after LaSalle agreed to manage and advise on JER’s European portfolio following the poor performance of JER’s funds, as sister publication PERE reported.

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