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CalPERS quietly sold part of Silver Lake stake

America’s largest public pension system quietly sold around 30% of its stake in tech-focused private equity firm Silver Lake Partners in early 2013, Fortune has learned.

The California Public Employees’ Retirement System (CalPERS) originally invested around $275 million in 2008 for a 9.9% stake in Silver Lake’s management company, similar to how it previously had bought into the management companies of The Carlyle Group (CG) and Apollo Global Management (APO) (when both firms were still privately-held).

CalPERS maintained almost the entire position for more than four years, revaluing its market price each year in its annual investment report. But in its most recent report— which already is more than a year out of date — the pension reports a book value of just under $194 million (i.e., 30% smaller than the original investment size).

A source familiar with the situation says that Silver Lake bought the “missing” units back from CalPERS in early 2013, but didn’t know the price paid. CalPERS does not appear to have disclosed the sale in any of its monthly investment reports, and Fortune is awaiting additional information from a pension spokesman.

CalPERS also has invested in several Silver Lake funds, including a $400 million commitment to its current flagship fund.

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