The largest public pension in the country has quietly reduced its investment in one of the largest technology investment firms.
The California Public Employees' Retirement System sold about 30 percent of its stake in private equity firm Silver Lake last year, according to Fortune. CalPERS had invested about $275 million in 2008 for a 9.9 percent stake, according to press reports at the time. The investment was in the firm's management company, separate from its positions in Silver Lake's PE funds.
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Silver Lake bought the 30 percent stake back from CalPERS in early 2013, according to a source referenced in the Fortune report.
Silver Lake manages more than $23 billion. The CalPERS investment portfolio market value as of April 30 was $290.5 billion, including $31 billion in private equity.
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