The secondary sales of China-focused PE fund interests were reportedly put on hold after buyer valuations failed to meet expectations.
The potential deal is reportedly comprised mostly of LP stakes in Asian private equity funds, including vehicles managed by EQT, TPG Asia, and KKR.
"The Cox Capital Offer appears designed to transfer value from BCRED shareholders to Cox Capital and its investors," according to a Board recommendation viewed in EvergreenLink's Notice Board.
PJT has reportedly been selected to advise on trimming the sovereign wealth fund's portfolio.
The LP interests were reportedly priced at a discount of more than 10% and included software and other tech-focused buyout funds.
Singapore's SWF is reportedly marketing PE fund interests managed by firms including EQT, TPG Asia and KKR, with PJT Partners advising.
The sovereign wealth fund has reportedly tapped Evercore to assist in trimming its maturing portfolio.
The process, comprising mostly of China-focused interests, is linked to several managers, including HSG, Warburg Pincus, and Boyu Capital Investment Management.
The Chinese insurance group is reportedly seeking to scale back its software exposure, particularly in three North America-focused funds.
The pension plan is reportedly looking to scale back legacy exposure to Asian private equity investments from the mid-2010s.
