Ardian buys $1.75 bln PE portfolio from Pennsylvania pension fund

Ardian has acquired a $1.75 billion private equity portfolio from the Pennsylvania Public School Employees’ Retirement System.

Cogent Partners advised PSERS on the transaction.

On the sale, PSERS Chief Investment Officer James H. Grossman said in a statement: “PSERS is endeavoring to reduce its exposure to private equity to 15 percent of the fund’s size, and the depth of the secondary market makes possible a large asset sale that will bring us closer to our long-term target.”

One of the largest public pension funds in the U.S., PSERS has about $52 billion in total assets. Its membership includes more than 263,000 active school employees and nearly 214,000 retirees.

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