Calpers to Sell its 4 Percent Stake in Carlyle

(Reuters) – The California Public Employees’ Retirement System registered to sell its 4 percent stake in Carlyle Group LP on Monday, one month after it moved to sell a quarter of its 8 percent stake in Apollo Global Management LLC.

The sale of Calpers’s stake in Carlyle – valued at $373.3 million as of the end of stock market trading on Monday – comes 13 months after Carlyle’s initial public offering. Its shares have risen 34 percent since then.

Calpers, which is the biggest U.S. public pension fund and is also an investor in many of Carlyle’s funds, acquired a 5.5 percent stake in Carlyle in 2001 for $175 million.

Last month Calpers joined Abu Dhabi Investment Authority and two of Apollo’s founders in selling some of its shares in New York-based Carlyle.

Founded in 1987 by David Rubenstein, William Conway and Daniel D’Aniello, Carlyle had total assets under management of $176.3 billion as of the end of March, including in private equity, corporate credit and hedge funds.

Citigroup, Credit Suisse and JPMorgan will serve as the book-running managers for Calpers’s offering.

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