Less than one-half of the "very substantial" private equity costs to public pension funds are being disclosed, according to new data from CEM Benchmarking.
The consultancy, which benchmarks and runs cost comparisons to 350 public and corporate pension funds, published its report in light of the work it did for South Carolina's retirement pension fund in 2013, when the state's investment commission retained the firm to see how much investment managers where charging the plan relative to other pensions.
What CEM found then caught the attention of many, and made South Carolina exhibit A in the mounting debate over the high fees pension plans are paying to alternative investment managers.
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