LP Sales

The $120bn pension manager wants to exit 'low conviction' vehicles across private markets investments including real estate, private equity and funds of funds.

The pension exited two funds in February and is under contract to sell 10 more private debt and real estate fund stakes worth $88.91m by the end of March.

Low pricing deterred a sale of certain 'illiquid' assets held in a portfolio the US pension began managing in January.

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.