CalPERS Sells $3B in Secondaries to Blackstone


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CalPERS’ Paul Mouchakkaa

NEW YORK CITY—The Blackstone Group has agreed to buy a global portfolio of approximately $3 billion in secondary real estate interests from the California Public Employees’ Retirement System. The deal between CalPERS and Blackstone’s Strategic Partners Fund Solutions unit represents the pension fund’s sale of 43 international and domestic funds from its non-strategic real estate portfolio and reportedly marks the industry’s largest secondary transaction to date.

“This is a marquee transaction for the real estate secondaries industry,” says Mark Burton, head of Strategic Partners’ real estate business. “We partnered with CalPERS to deliver a solution for a premier organization seeking to reduce its non-strategic portfolio through the sale of non-core holdings. Given our significant real estate experience developed through over 100 real estate secondary transactions since 2001, and our strong coverage of the 43 funds in this transaction, we were able to execute a complex transaction in a relatively short amount of time.”…

CalPERS Sells $3B in Secondaries to Blackstone

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