Illinois Teachers' Retirement System, Springfield, is offering about $500 million in private equity fund stakes for sale, two people with knowledge of the matter said.
The portfolio is made up mostly of U.S. large-cap buyout fund stakes, including some managed by TPG Capital, Warburg Pincus and Elevation Partners, said the people, who asked not to be identified because the information isn't public.
The $500 million estimate includes net asset value and unfunded commitments.
Park Hill Group, Cogent Partners and UBS were hired in May by the pension fund to advise on secondary deals in its private equity and real estate portfolios. Park Hill, the placement-agent unit of Blackstone Group, is managing the sales process.
Lawrence Thuet, senior managing director at Park Hill and head of the firm's secondary advisory group, declined to comment on the offering.
David Urbanek, a TRS spokesman, said officials were unavailable to comment.