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Calpers’s Dear Calls Private Equity Tax Break ‘Indefensible’

Private equity managers’ preferential tax treatment, less than half the rate paid by ordinary wage earners, is “indefensible,” the investment chief of the California Public Employees’ Retirement System said.

Calpers, as the pension fund is known, is one of the largest investors in private equity with about $50 billion as of June 30. The fund, the largest public pension in the U.S., has $234 billion of assets under management.