Pennsylvania Public School Employees’ Retirement System, Harrisburg, sold a $1.75 billion portfolio of limited partnership interests in private equity funds to private equity manager Ardian, said Evelyn Tatkovski Williams, spokeswoman for the $52 billion pension fund.
PennPSERS sold the assets to reduce its private equity exposure.
James H. Grossman Jr., chief investment officer of PennPSERS, said in a news release that the state pension fund “is endeavoring to reduce its exposure to private equity to 15% of the fund’s size.”
The $1.75 billion portfolio represented about 3.4% of the pension fund’s total assets.
Investment bank Cogent Partners advised PennPSERS on the transaction.