’Returns will come down to their historic norms’

Rick Hayes of CalPERS talks to PEO about the relationship between LPs and GPs, the implications of the market downturn for the industry and recent progress at the Institutional Limited Partner Association.

In charge of the California Public Employees Retirement System's $20bn alternative investment programme, and as Chairman of the Executive Board of the Institutional Limited Partner Association (ILPA), Rick Hayes is one of the world's most influentional institutional investors in private equity.

At Citigroup's Annual Private Equity Conference in Miami, Florida, earlier this year, Hayes took time out to talk to PrivateEquityOnline.com about the importance of trust between investors and fund managers in private equity, return expectations in today's environment and recent progress made by the ILPA in its push for a better dialogue between limited partners and general partners active in the asset class.