Cogent to sell New York’s PE portfolio

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new york3_lrgCogent Partners has won a contract to sell a large piece of New York City Retirement System’s PE portfolio, with the $150bn pension system looking to slim down according to Reuters, which cited four sources.  

New York wants to slim down its bulky private equity portfolio, which included around 99 managers in 2012 after the city held a large secondary sale.

It sold almost $1bn worth of interests in 11 funds from nine GPs as part of its effort to shrink the program.

City Comptroller Scott Stringer, who has oversight over New York, put out a request for proposal in February for an advisor to help organise and execute a private equity secondary sale.

A number of large institutional investors have recently taken advantage of the high-priced secondary environment.

Florida’s state pension system is in the market selling a portfolio valued at about $850m, with about $250 million of that residing in TPG fund interests according to Reuters.

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