peHUB First Read

Some links to kick off your Friday:

* CalPERS has sold a legacy portfolio of private equity fund interests valued at around $3 billion, to a group of secondaries buyers. The pension giant had retained UBS last year to manage the sale.

* Mike Arrington says today is D-Day (decision day) at Yahoo. Seems they’ve given up hope for a white knight (like Nokia) to save them from the Seattle scourge.

* Fortunoff is the latest buyout-backed bust.

* Chris Flowers is having trouble closing deals, but not raising funds. But if he raises $4 billion from China, what happens to his other LPs?

* Is Bebo being sold for $1 billion? Definitely not, says Kara Swisher. But it is looking to raise cash.

* Boiler room scams are on the rise. Amazing, given the rising price of heating oil… Oh, wait — different type of boiler room.