CalPERS To Trim Private-Equity Managers

Close on the heels of its elimination of its allocation to hedge funds last year, CalPERS announced on Tuesday it had also decided to slash the number of private equity managers it employs to drive down costs. The largest U.S. pension fund said it would team up with other investors to drive down fees. CalPERS to prune PE managers to 120 or fewer In a story published today in Financial Times, CalPERS’ chief investment officer Ted Eliopoulos said the $292 billion pension fund could trim the number of managers it hires by two-thirds. He indicated that the fund was hoping…