CalPERS Disclosure Woefully Incomplete
Last month, CalPERS sent peHUB a list of private equity firms that used placement agents when pitching their funds to pension officials. It included the fund name, placement agent name and whether or not CalPERS invested. It also claimed to represent proposals received by CalPERS between the beginning of 2002 and the end of 2008. What I've since learned, however, is that the list was woefully incomplete. Take the example of Wetherly Capital Group, which we wrote about earlier today. CalPERS reported that it pitched 10 funds between 2002 and 2008, receiving six commitments (a steroid-induced batting average). But according to new documents obtained by peHUB, Wetherly actually pitched approximately 30 funds during that period -- including a couple of "missing" ones that received investments from CalPERS.
