CalPERS Hooks up with Jefferies for Potential Mega PE Secondary Sale

Posted on 01/10/2022

The California Public Employees’ Retirement System (CalPERS) is seeking to sell a massive collection of private equity interests. CalPERS is seeking to sell off legacy interests, while committing to new LP commitments. CalPERS engaged with Jefferies LLC to dump up to US$ 6 billion of fund stakes.

According to SWFI research, general partner-led transactions in the secondaries space persisted in 2021 as limited partners want to lock-in unrealized gains and get liquidity. This is because many limited partners such as endowments and public pensions, were overallocated to private equity after experiencing outsized gains in 2020.

In 2020, Jefferies hired bankers from investment bank Greenhill & Co., Inc. to make a greater push into the secondaries business. In April 2015, Greenhill acquired Cogent Partners, a boutique private equity-focused investment bank and advisory firm.

Keywords: Jefferies Group LLC, Jefferies Financial Group, California Public Employees Retirement System.

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