CalPERS Secrecy and Underperformance Spur Call for Independent Oversight

An independent probe into CalPERS, the nation’s largest public pension, finds secrecy, chronic underperformance, and opaque costs, with five- and ten-year returns in the bottom 15% and about 9% of assets in aging private-equity funds, prompting calls for an Inspector General and independent oversight. CalPERS counters that performance has improved and fees have fallen, but critics say transparency remains lacking.