The California Public Employees' Retirement System has devoted about $28 billion, or nearly 10% of its total portfolio, to private equity deals. The California Public Employees' Retirement System has devoted about $28 billion, or nearly 10% of its total portfolio, to private equity deals. The nation's largest public pension fund will take a deep look Monday into its private equity investments, against a backdrop of growing criticism over the risky and controversial sector. Yet the segment's performance has been subpar compared with its risks, as measured by its benchmark. Those investments earned a seemingly healthy 8.9% last year, but that...