Second review finds discrepancies in fees, carried interest paid by LA County

The Olympic flame is seen at the Los Angeles Coliseum on the day Los Angeles was awarded the 2028 Olympic Games, in Los Angeles, California, U.S., September 13, 2017. REUTERS/Lucy Nicholson - RC1E816B3BA0
  • ~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 ...

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