Frankly, it’s surprising that it’s taken this long for an investigation of a public pension fund over allegations that it lied about its returns. But it’s not a surprise that it took Federal investigators, as in the FBI, to saddle up, in this case against a Pennsylvania Public School Employees’ Retirement System, aka PSERS.
Readers regularly lament how CalPERS regularly and obviously runs roughshod over the law and board members openly violate their fiduciary duty by not even pretending to oversee staff adequately and undermining anyone who dares to do so. That’s because CalPERS has the deficient governance structure that is pervasive among US public pension funds: boards captured by staff and a dearth of other local or state supervision and enforcement. So things have to get really bad, as with CalPERS former CEO Fred Buenrostro taking bribes, to get the FBI to go after misconduct. And yes, Buenrostro is now in Federal prison.
Pennsylvania s largest pension system investigates possible $25 million error pennlive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pennlive.com Daily Mail and Mail on Sunday newspapers.
PennPSERs puts $375 million into 2 alts funds
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Pennsylvania Public School Employees Retirement System, Harrisburg, committed $375 million to two alternatives funds, documents from the $64.2 billion pension fund show.
At its March 5 meeting, the board agreed to commit $200 million to Carlyle Realty Partners IX, an opportunistic real estate fund by
Carlyle Group; and $175 million to Apax Digital II, a growth buyout fund managed by
Apax Partners that targets midmarket technology companies.
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