Calpers to sell about $3b of property fund stakes to Blackstone

Calpers to sell about $3b of property fund stakes to Blackstone

Stephen A. Schwarzman, Chairman and Chief Executive Officer of The Blackstone Group in New York February 27, 2014. REUTERS/Brendan McDermid

Blackstone Group LP, the world’s largest alternative asset manager, has agreed to buy about $3 billion worth of stakes in real estate funds from Californian public pension fund Calpers, a boost to its so-called secondaries business.

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