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Pension Funds Can Only Guess at Private Equity's Cost
The New York Times; subscription may be required Link to more items from this source
May 4, 2015
"South Carolina pension fund's costs are ... difficult to assess [because] it relies more heavily than the typical pension fund on complex investments in hedge funds, real estate and private equity.... While not a complete assessment, costs identified by the state last year were $468 million, or 1.56 percent of assets. The median pension fund paid 0.57 percent of assets, by comparison. South Carolina is far ahead of most other states, however, in trying to determine every nickel in fees that it's incurring in its private equity holdings.... J. J. Jelincic, a member of the California Public Employees' Retirement System board since 2010 ... [said] that being in the dark on fees created problems for the overseers of the $300 billion pension fund. 'You don't think to negotiate on fees that you're not aware you're being charged,' he said."

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