UC Investments sells $1bn private equity portfolio to HarbourVest
The University of California's investment office has sold around $1bn of private equity interests to secondaries specialist HarbourVest Partners, providing another sizeable transaction for a market that has seen discounts widen amid renewed pressure on private assets, according to a report by Bloomberg.
The University of California's investment office, UC Investments, has sold a $1 billion private equity portfolio to HarbourVest Partners, according to Bloomberg. This transaction marks a significant deal in a market where discounts for private assets have increased due to renewed pressure. UC Investments oversees $190 billion across retirement, endowment, and cash portfolios.
The sale process began earlier this year, according to unnamed sources familiar with the matter. The portfolio includes investments in software and other technology-focused buyout funds and was sold at a discount of more than 10%. Campbell Lutyens advised UC Investments on the transaction. As of mid-2025, private assets managed by UC Investments had a market value of around $39 billion, with private equity representing slightly more than half of this exposure.
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