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 report cites unnamed people familiar with the matter as reeling that UC Investments, which oversees roughly $190bn across retirement, endowment and cash portfolios, began the sale process earlier this year.
The portfolio changed hands at a discount of more than 10% and includes interests in software and other technology-focused buyout funds, the people said. Campbell Lutyens advised UC Investments on the transaction.
UC Investments’ latest annual report showed that its private assets had a market value of approximately $39bn as of mid-2025. Private equity accounted for slightly more than half of that exposure.
