Seven years after the financial crisis began, markets have rebounded and more investors in private-equity real estate funds are looking to sell their stakes in what has become a burgeoning secondary market for these partnership interests, reports The Wall Street Journal.

Last week, according to The WSJ, the California Public Employees’ Retirement System sold stakes in about 43 real estate private-equity funds to Strategic Partners Fund Solutions, a unit of Blackstone Group LP that is one of the biggest investors in this secondary market. The WSJ reports that a Calpers spokesman said the stakes were valued at $3 billion by their fund managers as of the end of 2014.

According to market participants familiar with the offering, the average closing date of the 43 funds was in 2007, before commercial-real-estate values plunged. Since then, values have rebounded and in some U.S. and European markets are at records. That has reduced the losses for investors in hard-hit funds enough for them to sell.

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