Category Archives: Private equity

CalPERS to End Direct Investments and Separately Managed Accounts, Limit Co-Investment as CIO Whinges About Difficulty of Putting Money to Work

CalPERS is about to take another great leap backwards in private equity.

Oxford Professor Phalippou: Since 2006, Private Equity Has Produced Only S&P 500 Returns While Reaping $400+ Billion in Fees

Oxford professor Ludovic Phalippou gives a decisive debunking of the claim that private equity outperforms.

Some Public Pension Funds Give KKR a Wet Noodle Lashing Over Toys ‘R’ Us Collapse

Not surprisingly, action in the wake of private equity investors Bain, KKR and Vornado stiffing Toys ‘R’ Us workers of their severance have generated more press than restitution. But some of the ideas bruited about would have real teeth.

Will Investors Like CalPERS Fall for Private Equity’s Long-Lived Fund Con?

Beware of the private equity “innovation,” the long-lived or “permanent capital” fund. It is virtually guaranteed to short change investors on returns needed to compensate for the longer holding period.

Leaked Memo by Larry Sonsini Shows Sonsini and CalPERS Violating Fiduciary Duty With Proposed Private Equity Outsourcing Scheme

A leaked memo written for CalPERS by Silicon Valley attorney Larry Sonsisi not only reflects poorly on him and CalPERS, but also validates concerns about corruption.

CalPERS Makes Nasty, Inaccurate, and Self-Damaging Attack on Dean of Sacramento Columnists for Criticizing Private Equity Outsourcing Scheme

CalPERS, in a desperate-looking defense of its private equity outsourcing scheme, scores an own goal.

McKinsey’s and CalPERS’ Ignorance and Sleight of Hand on Private Equity

McKinesy and CalPERS appear to be kidding themselves at least as much as the general public on the subject of private equity.

Private Equity Kills Toys R Us, Workers Get No Severance

Toys R Us stores will shutter this month: private equity firms killed the company, and its workers are left with no severance.

Top Private Equity Commentator Dan Primack, Even CalPERS’ Own Consultant, Diss CalPERS Indirect Private Equity Investment Scheme

CalPERS gets more thumbs down on its new private equity gimmick.

CalPERS CIO Ted Eliopoulos Tells 5 Big Lies in Presenting Super Indirect Private Equity Scheme

CalPERS’ Chief Investment Officer Ted Eliopoulos seemed unable to offer a truthful, coherent rationale for two new private equity schemes he unveiled last Friday. CalPERS beneficiaries and California taxpayers should be worried.

Payday Lending Rule Survives…For Now

Congress has failed to use Congressional Review Act procedures to scupper the payday lending rule. Pending CFPB and court challenges may still doom the measure.

CalPERS Issues False and Misleading Press Release to Try to Railroad Board on Private Equity Industry Enrichment Scheme

A brazen example of CalPERS staff trying to muscle board members and have them violate their fiduciary duty regarding a massive, misguided, and sketchy private equity outsourcing scheme.

CalPERS Chief Investment Officer Ted Eliopoulos to Leave at Year End; Investment Office Adrift Due to Senior Level Vacancies

Why the departure of Ted Eliopoulos from CalPERS could wind up being the end of an era.

SEC Gives Private Equity Firm Welsh Carson a Wet Noodle Lashing Over Purchasing Kickback Abuse

More SEC enforcement theater on the private equity front.

New Report: Most State Pension Funds, Including CalPERS, Lag 60/40 Investment Mix at Higher Cost, Resulting in Even Higher Shortfalls

Yet another stunning indictment of public pension fund management. If the biggest funds with the best staffs can’t beat a simple Vanguard portfolio, why aren’t more heads rolling?