In what is believed to be the largest secondary sale transaction ever, Pillsbury has advised the California Public Employees’ Retirement System (CalPERS) on its divestiture of $6 billion in private equity stakes from the fund's $50 billion private equity portfolio.

CalPERS manages the pension and health benefits of more than 1.5 million California public employees, retirees, and their families. The $440 billion public pension fund is the largest in the United States.

Corporate & Securities counsel Tammy Chang and partner Semma Arzapalo led the Pillsbury team, which included Finance partner Alicia McKnight, Tax partner Brett Willis, Corporate special counsel Brent Morowitz and associates Jeong Choi and Jon Schreiber.