Pennsylvania Public School Employees' Retirement System, Harrisburg, said its private equity general partners earned 19.41% of investment profits as carry from the program's inception in 1985 through 2017 in a report on carried interest issued this month by the $56.7 billion pension fund.
In its first report on the topic, the plan said GPs earned 21.58% through carried interest in 2017.
PennPSERS created an ad hoc agency committee on fee transparency made up of board members and appropriate staff, said Evelyn Williams. The committee will look for ways to improve fee transparency, including reporting on carried interest.
PennPSERS passed a resolution in August to reduce fees by $2.5 billion over the next 30 years.