Strategic Partners Fund Solutions to purchase $3.0 billion of limited partnership interests in 43 funds
SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced that it has agreed to sell approximately $3.0 billion in assets from its real estate investment portfolio to Blackstone’s Strategic Partners Fund Solutions (Strategic Partners). Park Hill Group, a division of PJT Partners, advised CalPERS on the transaction.
“This sale allows CalPERS to focus on our strategic plan and on investing in assets and managers that better align with our real estate goals,” said Paul Mouchakkaa, CalPERS Managing Investment Director for Real Assets. “It also represents the continued effort to reduce complexity across the CalPERS fund.”
The sale of assets included 43 international and domestic funds that no longer align with the strategic goals of CalPERS’ real estate program. The sale of these funds also marks one of the first moves under a new strategic plan that would reduce the number of external investment managers in the total fund from the current approximately 200 to approximately 100 by 2020, and will result in larger and more strategic relationships.
The CalPERS Real Estate Program currently holds approximately $27.1 billion in commercial, industrial, and residential assets.
Strategic Partners is Blackstone’s dedicated secondary and private market fund solutions platform with over $19 billion dedicated to private equity and real estate secondary investing.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for 1.4 million members and their families in our health program. CalPERS’ total fund market value currently stands at approximately $300 billion. For more information, visit www.calpers.ca.gov.
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