The firm sold a portion of the stake to unnamed limited partners for $198m, chief financial officer Chris Govan said in a Q3 earnings call.
The US's largest public pension made $3.3bn of commitments to private equity in the 2016-17 fiscal year amid its programme to reduce its number of relationships with external GPs.
The firm, which caters to investors from the non-profit sector, is seeking $350m for its latest vehicle.
The secondaries firm may also launch products in real assets and credit, according to parent company Old Mutual Asset Management.
The bank has previously made secondaries sales of private equity assets to groups including Goldman Sachs and Coller Capital.
Credit Suisse’s Jonathan Abecassis responds to our assessment of GP-led fund restructurings and the need for a genuine ‘do-nothing’ option for LPs.
The fund, which has been in the market since 2015, held its final close in June and is already 40% invested, Secondaries Investor has learned.
Stage Capital, which spun out of National Bank of Greece's alternatives arm last year, is itself interested in backing spin-outs and portfolio transfers.
Top talent being enticed away by tech unicorns is pushing up salaries in private equity, says search firm Heidrick & Struggles.
The sale is understood to be linked to changes to the sovereign wealth's London office, which handles its European private equity investments.