Category Archives: Private equity

Why is Helane Morrison, General Counsel for Hall Capital, Fund Manager for the Super-Rich, Attacking SEC Investor Protection?

Earlier this month, we excerpted a section of a panel discussion from an SEC securities enforcement conference. It showed the degree to which former senior SEC officials who’ve gone into private practice openly ridicule the idea that the SEC should do its job, for instance, by deriding enforcement as “gotcha”. Today, we’ll look at the […]

Oxford Professor Schools CalPERS: Contrary to Board Presentation, Private Equity is “Most Expensive Asset Class, By Far”

Oxford professor Ludovic Phalipoou uses a recent CalPERS board meeting as a teaching tool in his private equity class. Even with him bending over backwards to be fair, the results are seldom flattering to CalPERS.

New York City and Missouri Pensions Follow California Treasurer Chiang on Private Equity Transparency…..Sort Of

The New York City and Missouri public pensions are giving more legitimacy to calls for private equity fee disclosure. But what about the details?

Private Equity Firms with Traded Stock Disclose Info that Calls into Question CalSTRS’ Foot Dragging on Disclosure

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.

NY Times’ Gretchen Morgenson Exposes More Layers of Private Equity Fee Chicanery

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.

CalPERS Backs California Treasurer John Chiang’s Private Equity Transparency Legislation; Where is CalSTRS?

Can CalSTRS be trusted to do the right thing on proposed private equity transparency legislation in California?

Former Chief Investment Officer Slams CalPERS, CalSTRS, Other Funds for Doing Nothing When Told Blackstone Was Cheating Them

More on the appalling dereliction of duty of pension fund officials when they failed to act after Blackstone told them it was cheating them.

After NC, Media Coverage of CalPERS and CalSTRS Private Equity Fee Lapses, California Treasurer John Chiang Calls for Legislation

California Treasurer John Chiang takes a big step forward by demanding legislation for much greater disclosure of private equity fees and costs

SEC Gives Blackstone $39 Million Wet Noodle Lashing Over Private Equity Abuses

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 […]

Michelle Obama Helps Legitimate Private Equity Camo-Washing

The Obamas lend their name to a private equity brand-building exercise.

CalSTRS Board Chairman Harry Keiley, in Op-Ed Rejected by Financial Times, Gave Inconsistent and Inaccurate Information in Carry Fee Scandal

The Financial Times saved CalSTRS board chairman Harry Keiley from embarrassing himself. We aren’t.

Former State Chief Investment Officer Tells CalPERS and CalSTRS to Fire Consultant PCA Over Proposed Fix for Poor Private EquityPerformance

How CalPERS’ and CalSTRS’ private equity consultant PCA has demonstrated that it needs to go.

California State Controller Betty Yee, CalSTRS Board Member Blow Off Union Spokesman on Private Equity Fees

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.

Private Equity Underperformance Denialist, Pension Consulting Alliance, Tells CalSTRS to Fix Performance Problems by Scrapping Benchmark

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.

Former California Official Blasts CalPERS CEO Anne Stausboll, Staff, and Board for Misconduct

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.