New York State Teachers’ Retirement System is looking to unload $6 billion of private assets on the secondary market, making it one of the year’s largest sales.
(Bloomberg) — New York State Teachers’ Retirement System is looking to unload $6 billion of private assets on the secondary market, making it one of the year’s largest sales.
The pension is seeking buyers for investments it has made in various funds, according to people familiar with the matter. A NYSTRS representative declined to comment.
Pensions have been tapping the secondary market to divest illiquid assets after last year’s plunging stock prices spurred them to buy stakes in private companies. Some funds are selling holdings to reduce their exposure to the asset class, while others are making room to allocate money to new managers.
British Columbia Investment Management Corp. is exploring the sale of $2 billion in private equity assets, while Canada Pension Plan Investment Board is looking for buyers to take on stakes worth $3 billion. Caisse de Depot et Placement du Quebec sold $2 billion in private investments last year and is open to another sale this year.
Read More: British Columbia Pension Mulls $2 Billion PE Asset Sale
Buyouts Insider reported earlier on NYSTRS’s plan.
The pension managed $133.7 billion as of March 31, with $16.2 billion invested in private equity and private debt funds, and $24.6 billion spread across real estate equity and real estate debt funds. NYSTRS doesn’t invest directly in closely held companies.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.