UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 144

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  hours per response  . . . . 4.47

NOTICE OF PROPOSED SALE OF SECURITIES

PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933

DOCUMENT SEQUENCE NO.            

ATTENTION:  Transmit for filing 3 copies of this form concurrently with either placing an order with a broker to execute sale or executing a sale directly with a market maker.

1(a) NAME OF ISSUER (Please type or print)

    Primus Guaranty, Ltd.

(b) IRS IDENT. NO.

Not required

(c) S.E.C. FILE NO.

001-32307

CITY

2(a) NAME OF PERSON FOR WHOSE

        ACCOUNT THE SECURITIES

        ARE TO BE SOLD

CalPERS/PCG Corporate Partners, LLC

(b) IRS IDENT. NO.

            33-095-1436

(c) RELATIONSHIP

      TO ISSUER

    n/a

(d) ADDRESS

  1200 Prospect

STREET

Street,

CITY

Suite 200 La

STATE

Jolla CA

ZIP CODE

92037

3(a)

Title of the

Class of

Securities

To Be Sold

Name and Address of Each Broker Through

Whom the Securities are to be

Offered or Each Market Maker

who is Acquiring the Securities

Broker-Dealer

File Number

Number of Shares

or Other Units

To Be Sold

(See instr. 3(c))

Aggregate

Market Value

(See instr. 3(d))

Number of Shares

or Other Units

Outstanding

(See instr. 3(e))

Approximate

Date of Sale

(See instr. 3(f))

(MO. DAY YR.)

Name of Each

Securities

Exchange

(See instr. 3(g))

Common

Bear, Stearns & Co. Inc.

Bear, Stearns Securities Corp.

383 Madison Avenue

New York, NY 10179

1.

(d)

(e)

Issuer’s address, including zip code

Issuer’s telephone number, including area code

2.

(a)

Name of person for whose account the securities are to be sold

(b)

Number of shares or other units of the class outstanding, or if debt securities the face amount thereof outstanding, as shown by the most recent report or statement published by the issuer

Approximate date on which the securities are to be sold

(c)

Such person’s relationship to the issuer (e.g., officer, director, 10% stockholder, or member of immediate family of any of the foregoing)

Potential persons who are to respond to the collection of information contained in this form are not

required to respond unless the form displays a currently valid OMB control number.

Title of

the Class

Date you

Acquired

Name of Person from Whom Acquired

(If gift, also give date donor acquired)

INSTRUCTIONS:

TABLE II — SECURITIES SOLD DURING THE PAST 3 MONTHS

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

N/A

INSTRUCTIONS:

See the definition of “person” in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed.

5/18/06

DATE OF NOTICE

CalPERS/PCG Corporate Partners, LLC

by: PCG Corporate Partners Investments LLC, Its Manager

by: Pacific Corporate Group Holdings, LLC, Its Managing Member

Stephen J. Moseley

Managing Director

/s/    STEPHEN MOSELEY

(SIGNATURE)