Public information on Apollo, Blackstone, Carlyle and KKR’s private equity funds shows CalSTRS has no good excuses for defending secrecy on fees and costs.
Read more...Investors in private equity like public pension funds have no idea how much they are paying in costs and fees. That allows for excessive costs and chicanery to continue.
Read more...Can CalSTRS be trusted to do the right thing on proposed private equity transparency legislation in California?
Read more...More on the appalling dereliction of duty of pension fund officials when they failed to act after Blackstone told them it was cheating them.
Read more...California Treasurer John Chiang takes a big step forward by demanding legislation for much greater disclosure of private equity fees and costs
Read more...The SEC is up to its usual kabuki, of pretending that a mere cost-of-doing business punishment for a firm that has engaged in widespread abuses amounts to a serious effort at enforcement. The gap between misconduct and SEC action is particularly striking in the case of private equity. In May 2014, former SEC examination chief […]
Read more...The Obamas lend their name to a private equity brand-building exercise.
Read more...The Financial Times saved CalSTRS board chairman Harry Keiley from embarrassing himself. We aren’t.
Read more...How CalPERS’ and CalSTRS’ private equity consultant PCA has demonstrated that it needs to go.
Read more...California state controller Betty Yee blows off a union official’s request for carry fee information by saying CalSTRS “is being very diligent,” when CalPERS has already gotten the information.
Read more...CalSTRS’ and CalPERS’ consultant, Pension Consulting Alliance, argues for getting rid of benchmarks altogether in a desperate effort to depict investing in private equity as ever and always sound.
Read more...Former California official Tony Butka He deems Chief Investment Officer, Ted Eliopoulos, the head of private equity, Réal Desorchers, and private equity professional Christine Gogan to have been so dishonest with the board that they all have should have received a notice of intent to discharge.
Read more...A recent report slammed public pension funds for losing money relative to what they could have done by investing in high fee strategies like private equity. And that’s even before incorporating the fact that private equity returns are overstated.
Read more...One big private equity tax abuse, management fee waivers, is on its way out. Will others follow?
Read more...Tax-free junk bonds. High real estate and transactions fees. High consultants’ fees. Lack of transparency. A charter school Ponzi scheme.
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