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The California pension fund responds to a letter sent to it by State Treasurer John Chiang calling for legislation on fee disclosure.
John Chiang urges CalPERS and CalSTRS to work with him to 'mop up another private equity industry mess'.
LACERA is seeking to verify that costs associated with its private equity investments are aligned with its limited partnership agreements.
The New York firm has restructured its third fund into a $1.5bn vehicle, offering the same terms to LPs that rolled over their interests. Recent acquisitions include children's entertainment company Bendon.
Gerald Yahoudy takes over from retiring managing director of private equity John Virtanen.