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PSP Investments sells $1.5 bln portfolio on secondary market

PSP Investments, one of Canada’s largest pension investment managers, sold a roughly US$1.5 billion portfolio of private equity holdings around the end of the third quarter, according to three people with knowledge of the deal, sister publication peHUB reported.

The buyer and the price are not clear. PSP Investments declined to comment. Cogent Partners ran the sale, and did not return a request for comment.

The portfolio included holdings in large buyout funds, including Apax Partners, according to one source.

PSP held another sale of private equity holdings focused on the mega-buyout segment in 2010, generating proceeds of more than US$800 million, according to the institution’s fiscal year 2011 annual report.

The secondary market has heated up since its slow start this year and several buyers have told peHUB they expect the last weeks of the year to be extremely busy.

Photo courtesy of Shutterstock.