California Treasurer calls for private equity fee disclosure

Reuters News
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Posted: Oct 12, 2015 3:12 PM

SAN FRANCISCO (Reuters) - California's state treasurer, John Chiang, sent a letter to the country's two largest public pension funds on Monday calling for state legislation requiring private equity firms to disclose all fees charged to California public pension funds.

The letter stated that the California Public Employees' Retirement System and the California State Teachers’ Retirement System, along with other limited partners, "pay excessive fees to private equity firms and do not have sufficient visibility into the nature and amount of those fees."

Chiang urged the California pension funds to work with his office to develop legislation to place fee disclosure requirements on private equity firms.

(Reporting by Robin Respaut; Editing by Jeffrey Benkoe)