Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
The Oregon Public Employees Retirement Fund disclosed its performance woes this week. Private equity fund investment returns have been a drag on overall results.
The fund’s private equity portfolio’s returns were four percent below its benchmark for the past five years. It holds the dubious distinction of the worst performing asset class relative to benchmarks within the pension fund. It was responsible for the fund’s return of six percent, falling 5.2 percent short of its target.
Private equity has been the gift that keeps on giving.
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