Los Angeles City Employees’ Retirement System, one of the standouts among public pensions on private equity transparency for the public, has taken a major step backward. LACERS typically notifies its board and the public of new PE commitments in its meeting materials, which include information about management fees and carried interest that the system expects to pay over the course of a fund’s life. Instead, each of the memos contains this meaningless statement: “Fund management and incentive fees are comparable to similar strategies and the GP will invest alongside limited partners, providing alignment of interests.” This raises a couple of...