California's Public Employees' Retirement System (CalPERS), has been forced by a nonprofit action group, CFAC, to disclose its fees and profits from private equity and venture capital investments for the first time. CFAC, the California First Amendment Coalition, had filed suit to force CalPERS to disclose the documents, which show the millions of dollars in management fees paid by the pension fund to private equity firms. CFAC claims that the are heavily influenced by campaign contributions to CalPERS board members. The documents show that CalPERS pays over $200M in management fees to 416 private equity firms. Those firms are managing $13.5B in CalPERS funds, with another $21.1 in committments.
Top NewsWednesday, December 8, 2004
CalPERS Releases Private Equity Investment Info