Buyout Shops Swallow Fee Cuts To Land Pension Billions

Law360, New York (May 11, 2012, 8:27 PM EDT) -- Eager to lock down capital, even at a price, private equity firms are increasingly offering breaks on fees and other terms to top pension funds, a trend that continued this week when California's state pension fund said it would put $500 million in a separate account with Blackstone Group LP.

California Public Employees’ Retirement System, the nation's biggest public pension manager, will give Blackstone $500 million to target “global investment opportunities in areas of market, regulatory or other forms of dislocation.” The money is separate from...
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