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Calpers Said to Enter Buyout Secondaries Business

California Public Employees’ Retirement System, the largest U.S public pension plan, has sold almost $6 billion in private-equity fund stakes since 2007. It is now moving to the other side of the trade.

Since late last year, the $260.9 billion pension plan has competed for fund stakes in eight transactions on the secondary market, where investors trade interests in private-equity funds originally sold by buyout and venture-capital firms, its first foray into such deals, according to a person familiar with the matter. Calpers plans to start directing as much as $600 million a year to purchase secondary holdings, depending on market conditions, said the person, who asked not to be identified because the plans are private.