The University of California investment office has launched a $3 billion sale of private equity fund stakes, marking one of the largest secondaries transactions this year. The university system is working with Campbell Lutyens on the portfolio sale, which represents a significant liquidity move for the institution's investment strategy.

This sale comes as the secondaries market has seen slowing activity, with many sellers waiting for year-end valuations from general partners before finalizing deals. The UC Regents has a history of portfolio sales, including a $1.2 billion infrastructure fund sale in 2023 and $1 billion in private equity stakes in 2015. The university's investment office manages approximately $198 billion in assets across pension, endowment, and working capital portfolios.

LP sales dominated secondaries activity in 2025, accounting for 54 percent of total volume according to Campbell Lutyens' report. The UC sale joins other major transactions like Abu Dhabi Investment Council's $2-3 billion portfolio offering. These large institutional sales reflect ongoing portfolio rebalancing and liquidity management strategies among major investors navigating current market conditions.