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Even CalPERS Admits Private Equity Returns Are Fizzling

Like second marriages, private equity has become a triumph of hope over experience.
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Calpers Raises Private Equity and Venture Targets

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Calpers, the nation's biggest public pension fund, decided Monday to allow its investment staff increase its asset allocation for private equity and venture capital investments and to reduce its stock holdings.

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We are not making it up. Private equity limited partners like CalPERS have no idea what they are paying in carry fees, one of the biggest costs they incur.

Fortune’s Dan Primack Takes Up CalPERS’ Private Equity Scandal, Calls Head of Private Equity “Factually Wrong”

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Dan Primack of Fortune has weighed in on what he calls the private equity "mess" at CalPERS, in an important new story, "CalPERS still can't get out of its own way on private equity."

CalPERS Used Sleight of Hand, Accounting Tricks, to Make False “There is No Alternative” Claim for Private Equity

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CalPERS staff and outside experts went to considerable lengths distort data and abuse analytical methods to make the case that only private equity could offer the allegedly superior returns needed to meet CalPERS' targets. The fact ...

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You cannot make stuff like this up. The giant public pension fund CalPERS didn't just make a "what were they smoking" private equity investment. The turkey deal was also stunningly large.


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