VIDEO: CalSTRS, CalPERS chiefs speak out on IPOs

The CIOs of two of the world's biggest private equity investors, CalPERS and CalSTRS, tell PEI why they're worried about the growing number of managers going public.

Joseph Dear, chief investment officer of the California Public Employees' Retirement System, and Christopher Ailman, chief investment officer of the California State Teachers' Retirement System, told Private Equity International that private equity IPOs – like that of The Carlyle Group this week – might put upward pressure on fees and damage alignment of interests.

Ailman (left) and Dear spoke to PEI earlier this week at the Milken Institute Global Conference in Los Angeles.