California Governor Jerry Brown signed legislation requiring public pension funds to disclose more about the fees that private equity firms charge to manage the funds’ money, Bloomberg News reported on Friday. State officials hailed the law, approved by the governor on Wednesday, as an advance in transparency. The public will now know not only how much big pension funds like the California Public Employees’ Retirement System and California State Teachers’ Retirement System are paying private equity firms to manage their investments, but also learn more about how much they’re paying for performance. The public will also get a partial look at the fees private equity firms collect from the companies they buy out.
