The California Public Employees’ Retirement System (CalPERS) has decided to exit its stake in Carlyle after being a shareholder in the private equity firm for twelve years.
Carlyle said it was selling 12.7 million shares including over-allotment options for 1.66 million shares in a regulatory filing.
The exit follows a strong increase in Carlyle’s share price, which surged more than 30 per cent since its $671m IPO in May last year.
CalPERS’ four per cent stake is currently valued at $373m.
The $260bn pension fund acquired a five per cent interest in Carlyle for $175m in 2001. It is set to make a return of 3.5 times on its investment in the firm, according to Reuters’ estimate.
In addition to owning a stake, CalPERS has also invested in a number of the firm’s vehicles and it currently has $3.7bn invested in its funds, said Bloomberg.
Last month the firm said its sixth buyout fund, Carlyle Partners VI, had collected $7.1bn.
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