US. Pensions under fire after PE underperforms
For decades, state pension funds have relied on the private equity industry to invest retirement savings for teachers, firefighters and other public-sector employees. But in recent years, critics of alternative assets have argued that pension managers, who oversee some $4.5 trillion across the US, would be better served investing in low-cost index funds that track the S&P 500 and avoiding PE's high fees. This past week, public pension fund managers threw PE detractors more red meat, raising larger questions about...
