"[CalSTRS] is initiating a long-range plan to increase internal management of assets to reduce the $1.8 billion it currently pays out in external management fees ... CalSTRS has made the largest progress in internal management in its $28.3 billion fixed income portfolio where 85% of the assets class is internally managed ... The largest group of fees paid to external managers in 2017 was in private equity where $521 million was paid in management fees and carry (profit sharing) to external managers."

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