The University of California (UC) sold about $1 billion in private equity fund stakes in the past year at par, Jagdeep Singh Bachher, the chief investment officer and vice president of investments for the Regents, said at an investment board meeting last week.
Secondaries Investor reports that UC had numerous investments of less than $5 million in size. In total, it has sold about 100 private equity fund investments worth about $1.7 billion in the past 30 months. At a headline level, the PE portfolio returned 22.6 percent for the year.