Calpers Paid $3.4 Billion to Private Equity Firms


For years, state pension funds have invested money earned by teachers, firefighters and other government employees with private equity firms without having a full picture of how much they were earning and what they were paying in expenses.

On Tuesday, the California Public Employees’ Retirement System disclosed for the first time that it had paid $3.4 billion since 1990 to the biggest private equity managers on Wall Street, including like firms like Carlyle, Blackstone and Apollo. Calpers also said it had made $24.2 billion in profits from private equity firms over the same period, according to its new data-collecting program, called Private Equity Accounting and Reporting…

Calpers Paid $3.4 Billion to Private Equity Firms

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