Calpers Unloads Record $6 Billion of Private-Equity Stakes at Discount
- Pension giant’s selloff aims to free up cash for new wagers
- Calpers has looked to buy stakes in private companies directly
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The California Public Employees’ Retirement System sold about $6 billion of its stakes in private equity funds to second-hand buyers, severing ties with a slew of past managers and freeing up cash for new wagers.
The $440 billion public pension fund, the largest in the US, has cycled through four investment chiefs since 2009 and has long wrestled with the complexity of its $50 billion in private equity holdings. Calpers hired Jefferies Financial Group Inc. to explore ways to clean up its portfolio and shop a swath of assets, according to people familiar with the matter.