CalPERS sold interests in 26 private equity funds in the last six months of 2016, shows a report by the $308 billion pension fund’s private equity consultant, Pension Consulting Alliance.
The private equity program of the California Public Employees’ Retirement System, Sacramento, received proceeds of $426 million from the sale. The pension fund did not disclose who acquired the interests.
CalPERS’ selling of private equity fund investments on the secondary market comes as the retirement system is in the process of reducing its total number of private equity managers. It reported the number of managers had been reduced to 99 as of June 30, the latest date available, from more than 200 in 2015. The system’s goal is to get down to 30 private equity managers by 2020.
CalPERS has $25.7 billion invested in private equity funds. Another $13 billion has been committed to private equity partners but the capital has not been called.
