~40 pct of LACERA funds overcharged on carried interest
Several funds also undercharged LACERA on fees, carry
LA County now has side letter requiring standardized fee and expense reporting
Almost 40 percent of Los Angeles County Employees Retirement Association’s private equity managers collected more than their contractually agreed-to share of investment profits, according to an external review of the $52.5 billion public-pension system’s PE program. Accounting firm Kreischer Miller ...