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California Public Employees' Retirement System

CalPERS' private equity investing fees are expected to be 'ginormous'

CalPERS' private equity investing fees are expected to be 'ginormous'

CalPERS is finally about to reveal how much it really pays Wall Street for its most rarefied services — and taxpayers can expect a dose of sticker shock. Last month, the California Public Employees' Retirement System announced with some fanfare that it would disclose the full amount it pays for private equity investing, the high-stakes, high-reward business of buying and selling whole companies dominated by massive global players such as Carlyle Group, Kohlberg Kravis & Roberts and Blackstone Group. At issue are the performance bonuses, known as carried interest, which for decades have been collected by Wall Street giants as part of their compensation, but have not been...

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