Major Secondary Deal: Ardian Buys $1.75 Billion PennPSERS PE Portfolio

The US$ 52 billion Pennsylvania Public School Employees’ Retirement System (PennPSERS) has sold a US$ 1.75 billion portfolio of limited private equity fund interests to Ardian. The portfolio contains 17 limited partner interests. This secondary private equity deal is one of the largest in 2014. Ardian, formerly AXA Private Equity, is an independent private equity investment firm. The reason for the sale was to reduce the pension’s private equity exposure. The sold portfolio represents around 3.4% of the pension fund’s assets.

The deal closed in December.

PennPSERS was advised by Dallas-based Cogent Partners on the transaction.

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