CalPERS touts declining PE fees, doesn’t factor in fund expenses

Calpers, private equity, pension fund
Calpers headquarters is seen in Sacramento, California, October 21, 2009. REUTERS/Max Whittaker (UNITED STATES BUSINESS) - RTXPWO3
  • 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, ...

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