The California Public Employees’ Retirement System (CalPERS) is in talks to outsource its private equity business to BlackRock, according to a person familiar with the matter.
The largest U.S. pension fund’s discussions with BlackRock about managing some or all of its private equity investments are at a preliminary stage and may not result in a deal, the person added.
“No decisions have been made. We are still looking at models to bring back to the board,” a spokeswoman for CalPERS said.
BlackRock declined to comment.
