California Treasurer Chiang Says Private Equity Firms Should Disclose Fees

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California Treasurer Chiang Says Private Equity Firms Should Disclose Fees

California State Treasurer John Chiang refuses to be politically correct. He doesn’t care whose feathers he’s rustling, and he has written a letter asking the state’s two pension funds to join his efforts to require fee disclosures from private equity firms that the pension funds invest in.

In a recent letter to the California Public Employees’ Retirement System and the California State Teachers’ Retirement System, Chiang wrote that the profit strategies private equity firms employ “too often run counter to the values of public fund trustees and their constituents, particularly with respect to the lack of transparency and detail in how much it costs our pension systems to invest in their products.”

Trident Fund LP July 2022 Performance Update