LP Sales

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.

The deal was part of the US's largest public pension's $2.7bn portfolio sale which is yet to completely close, Secondaries Investor has learned.

US pension plans are torn between curbing private equity commitments or selling holdings to stay on target, and increasing their exposure to boost returns.

OPTrust, which manages Canada's 10th largest public pension, had previously signalled it was considering opportunistic sales of private equity assets.

The Californian pension, which is planning to target lower risk strategies, is exploring the sale of fund interests from its $26bn real estate holdings.

The Canadian pension giant has emerged as the buyer of stakes in Apollo Global Management and Blackstone-managed funds, Secondaries Investor has learned.

The $16bn state investor sold stakes in Summit Partners and TA Associates funds and has said it is considering future sales.

The US' largest public pension has brought almost $10bn in private equity and real estate fund stakes to market since 2007 and shows no signs of slowing.