The California Public Employees Retirement System (CalPERS) paid $6.47 million in fees and costs related to secondaries private equity funds in 2014, according to its comprehensive annual investment report published last week.
These fees and costs exclude carried interest and include mainly management fees, according to a CalPERS spokesperson.
Fees and costs, which could also include one-time costs the pension plan may incur in relation to a fund, represented about 1.5 percent of total fees and costs related to private equity for 2014.
In 2013, CalPERS, which has about $300 billion in assets under management, paid $8 million in fees and costs to secondaries private equity funds, or 1.8 percent of total fees and costs paid to private equity funds that year, according to last year’s annual report.
Here are some of the secondaries funds that received some of the highest fees and costs from CalPERS in 2014:
- Coller International Partners V – $5 million
CalPERS committed $375 million to that fund in 2006. The fund closed in 2007 with $4.8 billion.
- W Capital II – $966,000
CalPERS committed $141.1 million in 2007 when the fund closed on $705 million, according PEI’s Research and Analytics.
- Lexington Capital Partners IV – $71,000
CalPERS committed $100 million to the fund in 2000. It closed that year on $606 million, according PEI’s Research and Analytics.
Here’s a link to the full report issued on 7 January.