The largest alternative asset manager in the world Blackstone Group LP agreed to buy about $3 billion worth of stakes in real estate funds from Californian public pension fund Calpers.
The deal would allow the California Public Employees' Retirement System to sell 43 of its international and domestic funds to Blackstone, the two companies said. Blackstone will buy the fund stakes via its Strategic Partners division, which has raised more than $19 billion to acquire stakes in private equity and real estate funds from investors who want to cash out.
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