July 2 (Bloomberg) — David Brailer, the former adviser to President George W. Bush who seven years ago started a private-equity fund with a big investment by California Public Employees’ Retirement System, is seeking to sell the pension’s stake after lackluster returns, according to two people with knowledge of the matter.

Brailer’s Health Evolution Partners Inc. hired Evercore Partners Inc. to find buyers for Calpers’s stake in its growth equity fund, said the people, who asked not to be identified because the fund is private. Calpers, the biggest U.S. pension system and the only outside investor in the fund, originally committed about $500 million to fund. The stake had about $380 million of remaining value as of Sept. 30.

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