CalPERS shared 14 percent of private equity profits with firms(Reuters) - The California Public Employees’ Retirement System said on Monday it shared about 14 percent of the profit made on private equity investments in the past year with firms managing the money. The announcement by the nation’s largest public pension fund marks a milestone toward greater fee disclosures for private equity assets, which make up $26.4 billion or almost 9 percent of the total fund. The move is sure to be noticed by other state and city pension funds. CalPERS and other large public pension funds are under increasing pressure to track and disclose the costs of private equity investments. A new California law passed this year requires the state’s public pension funds to disclose more about the fees paid to manage the funds. CalPERS paid $228.4 million in fees in fiscal year 2015-2016, and shared $539 million in profits with private equity firms. In total, CalPERS realized $3.26 billion in gains from its private equity portfolio last year.  The asset class returned 1.7 percent in fiscal 2015-16. In fiscal year 2014-2015, when the asset class returned 8.92 percent, the pension fund paid $431.7 million in fees.  CalPERS has been working with the Institutional Limited Partners Association (ILPA) to shed more light on fees paid to manage funds and profits shared with private equity firms. Few public pension funds disclose these costs, despite a growing consensus from government officials, regulators, and the public to do so. On Monday, some members of CalPERS Board pushed for further transparency by requiring private equity firms to reveal the portfolio fees, offsets or management fee waivers that they may collect. “If somebody is not willing to disclose to us these kinds of fees, I’m not sure it’s somebody we want to play with,” said CalPERS board member J.J. Jelincic. “We are the gold standard,” said fellow board member Richard Costigan. “Every one of those funds should be disclosing and if they are not, or they are refusing, we should not be doing business with them.” CalPERS consultants advised prudence when setting strict new rules that could dissuade firms from working with CalPERS. The asset remains highly competitive, said Michael Moy of Pension Consulting Alliance, and private equity firms have “absolutely no trouble getting commitments from investors.” “You are not alone, but you are darn near it,” Moy said. “They are very reluctant to give any kind of ground in negotiations.” politicsNews
campers shared percent private equity profits firms reuters the california public employees retirement system said monday shared percent profit made private equity investments past year firms managing money the announcement nation largest public pension fund marks milestone toward greater fee disclosures private equity assets make billion almost percent total fund the move sure noticed state city pension funds campers large public pension funds increasing pressure track disclose costs private equity investments a new california law passed year requires state public pension funds disclose fees paid manage funds campers paid million fees fiscal year shared million profits private equity firms in total campers realized billion gains private equity portfolio last year the asset class returned percent fiscal in fiscal year asset class returned percent pension fund paid million fees campers working institutional limited partners association ila shed light fees paid manage funds profits shared private equity firms few public pension funds disclose costs despite growing consensus government officials regulators public on monday members campers board pushed transparency requiring private equity firms reveal portfolio fees offsets management fee waivers may collect if somebody willing disclose us kinds fees i sure somebody want play said campers board member jelincic we gold standard said fellow board member richard costing every one funds disclosing refusing business campers consultants advised presence setting strict new rules could dissuade firms working campers the asset remains highly competitive said michael may pension consulting alliance private equity firms absolutely trouble getting commitments you alone darn near may said they reluctant give kind ground politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: CalPERS shared 14 percent of private equity profits with firms(Reuters) - The California Public Employees’ Retirement System said on Monday it shared about 14 percent of the profit made on private equity investments in the past year with firms managing the money. The announcement by the nation’s largest public pension fund marks a milestone toward greater fee disclosures for private equity assets, which make up $26.4 billion or almost 9 percent of the total fund. The move is sure to be noticed by other state and city pension funds. CalPERS and other large public pension funds are under increasing pressure to track and disclose the costs of private equity investments. A new California law passed this year requires the state’s public pension funds to disclose more about the fees paid to manage the funds. CalPERS paid $228.4 million in fees in fiscal year 2015-2016, and shared $539 million in profits with private equity firms. In total, CalPERS realized $3.26 billion in gains from its private equity portfolio last year.  The asset class returned 1.7 percent in fiscal 2015-16. In fiscal year 2014-2015, when the asset class returned 8.92 percent, the pension fund paid $431.7 million in fees.  CalPERS has been working with the Institutional Limited Partners Association (ILPA) to shed more light on fees paid to manage funds and profits shared with private equity firms. Few public pension funds disclose these costs, despite a growing consensus from government officials, regulators, and the public to do so. On Monday, some members of CalPERS Board pushed for further transparency by requiring private equity firms to reveal the portfolio fees, offsets or management fee waivers that they may collect. “If somebody is not willing to disclose to us these kinds of fees, I’m not sure it’s somebody we want to play with,” said CalPERS board member J.J. Jelincic. “We are the gold standard,” said fellow board member Richard Costigan. “Every one of those funds should be disclosing and if they are not, or they are refusing, we should not be doing business with them.” CalPERS consultants advised prudence when setting strict new rules that could dissuade firms from working with CalPERS. The asset remains highly competitive, said Michael Moy of Pension Consulting Alliance, and private equity firms have “absolutely no trouble getting commitments from investors.” “You are not alone, but you are darn near it,” Moy said. “They are very reluctant to give any kind of ground in negotiations.” politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: campers shared percent private equity profits firms reuters the california public employees retirement system said monday shared percent profit made private equity investments past year firms managing money the announcement nation largest public pension fund marks milestone toward greater fee disclosures private equity assets make billion almost percent total fund the move sure noticed state city pension funds campers large public pension funds increasing pressure track disclose costs private equity investments a new california law passed year requires state public pension funds disclose fees paid manage funds campers paid million fees fiscal year shared million profits private equity firms in total campers realized billion gains private equity portfolio last year the asset class returned percent fiscal in fiscal year asset class returned percent pension fund paid million fees campers working institutional limited partners association ila shed light fees paid manage funds profits shared private equity firms few public pension funds disclose costs despite growing consensus government officials regulators public on monday members campers board pushed transparency requiring private equity firms reveal portfolio fees offsets management fee waivers may collect if somebody willing disclose us kinds fees i sure somebody want play said campers board member jelincic we gold standard said fellow board member richard costing every one funds disclosing refusing business campers consultants advised presence setting strict new rules could dissuade firms working campers the asset remains highly competitive said michael may pension consulting alliance private equity firms absolutely trouble getting commitments you alone darn near may said they reluctant give kind ground politicsnews