LP Sales

The troubled US pension has sold 11 fund stakes across buyout, energy and growth strategies since accepting bids in November.

The $10.3bn pension also disposed of a growth equity fund stake and was considering reducing its fund of funds exposure, meeting documents show.

While secondaries advisory volume was up year-on-year, the investment bank's capital advisory revenues were hit by Brexit and market uncertainty.

The disposal comes after the US's largest public pension reduced ties with 24 managers through sales in FY2016.

The French firm's US head was speaking at an industry conference in Cannes also attended by AlpInvest Partners, Hamilton Lane and Montana Capital Partners.

The $600m portfolio comprises two mandates from Pantheon and Pathway Capital Management, Secondaries Investor has learned.

The $4bn defined benefit pension has previously committed to vehicles managed by Lexington Partners and W Capital Partners.

The troubled pension was expected to approve the sale, which includes private equity and real assets stakes, on Thursday.

A senior investment officer at the $180bn pension previously said secondaries had become a "very useful portfolio construction tool".

The state's Board of Investments sold stakes in two private equity funds at a premium to NAV and did not use an advisor, meeting minutes show.