Cities And States Paying Massive Secret Fees To Wall Street: Report
International Business Times

Currently, about 9 percent -- or $270 billion -- of America’s $3 trillion public pension fund assets are invested in private equity firms. Assuming the industry standard 2 percent management fee, that quarter-trillion dollars generates roughly $5.4 billion in annual management fees for the private equity industry -- and that’s not including additional “performance” fees paid on investment returns. But even the $5.4 billion number could be drastically understated.
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