Coller Capital, the European private equity secondary manager has bought the private equity portfolio of the US-based Shell Pension Trust for $265m.

The sale is the single largest ever of a private equity portfolio by a pension fund.

The former Shell fund has 75% invested in the US and 25% in European companies and represents 15 pre-eminent partnerships, such as BC European Capital IV and V, Warburg Pincus Investors and Zell Chilmark.

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