Oh, pension fund investment dysfunction...the gift that keeps on giving. Recently it was revealed that CalPERS (the largest U.S. pension fund that manages investments for Cali. public employees), has no idea of all the fees it's paying to private equity firms to manage their money. It took an intrepid indy blogger to do this digging. http://www.nakedcapitalism.com/2015/06/calpers-admits-it-has...

It has now led to NYT Dealbook,the Sac Bee and the California treasurer picking up the scent.

And, by the way, this lack of fee transparency is just one of the the factors that contribute to private equity being a very overrated asset class. Yves Smith of Naked Capitalism has been sounding the alarm. If you're interested, she's one to follow.