Partners Group, one of Europe's largest listed private equity managers, acquired €500 million ($548 million) of buyout fund stakes from Finland's Keva, said people with knowledge of the matter.
Partners Group and a U.S. endowment agreed to buy the interests from the €45.2 billion Finnish pension fund last month, said two people, who asked not to be identified because the information is private. The commitments included ones to funds managed by Bain Capital, TA Associates and TPG, according to the sources.
Keva, which is responsible for the funding of local government workers' pensions in Finland, is selling the assets as part of a strategy to provide fewer managers with more capital. The decision mirrors that of U.S. investors including the $300.3 billion California Public Employees' Retirement System, Sacramento, which is cutting the number of buyout fund managers with which it deals.
Partners Group paid a premium to the book value for the stakes, according to the sources. The Swiss company manages more than €42 billion in assets in private equity, private debt, private real estate and private infrastructure, according to its website.
A spokeswoman for Partners Group declined to comment. A spokeswoman for Keva did not respond to e-mails seeking comment.
