<p>CalPERS, the largest pension fund in the United States, is considering changes in how it invests in private equity that could slash payments to fund managers, according to a report by the Wall Street Journal.</p>
<p>The internal review is an attempt by the California Public Employees' Retirement System to reconsider some of its pricier investments as it faces a funding shortfall and weaker-than-expected estimates of its future investment earnings.</p>