CalPERS used to budget PE management fees, expenses together
Expenses are no longer accounted for in the CalPERS budget
CalPERS paid $75 mln in PE expenses in 2015-2016, almost a fifth of its costs
In April, the board of California Public Employees’ Retirement System praised a proposed budget that slashed $131 million from the annual fees the system pays to its private equity managers, bringing projected fees to $260 million. Unlike previous years, however, ...