California State Treasurer John Chiang called for state legislation to force private equity firms to disclose clearly all fees borne by its public pension funds. He urged the country’s two largest pension funds, the California Public Employees’ Retirement System and California State Teachers’ Retirement System, to join him in the push for laws dictating a minimum level of detail on how fees should be documented. “Pension funds and other limited partners pay excessive fees to private equity firms and do not have sufficient visibility into the nature and amount of those fees,” said a letter penned by Mr. Chiang to...