CalPERS bought a $550M stake in Yale’s PE portfolio at 90 cents on the dollar. That stake included a General Catalyst fund marked as of Q4, which held a position in Circle. The Circle stake was still marked at private market value and didn’t reflect the listing and subsequent 400% gain in stock price, netting CalPERS over $100M less than a month after closing the transaction.
Brandon
Brandon20.4.2025
What do we think the discount to NAV is here?
1K