Institutional Investors

CalPERS reconsiders placement agents


The California Public Employees' Retirement System is undertaking a special review of fees paid by its external managers to placement agents and their related activities.

The review was sparked by the information provided to the $200 billion pension fund by a private equity firm that used a placement agent firm headed by former CalPERS board member Al Villalobos.

The special review will assess placement agent fees and arrangements and follows the adoption of a new policy in May to require disclosure of placement agent fees. Officials are now waiting for state legislation that