New Jersey State Investment Council Chairman Tom Byrne asked a simple, important question at the council’s Jan. 25 meeting. The state’s Division of Investment had just informed the council that TSG Consumer Partners would be increasing the annual management fee on two investment funds that held final closes in 2015, a move that could cost New Jersey pensioners as much as $100,000 per year in additional fees. The spike in management fees required majority approval of TSG 7A and 7B fund investors. Under the amended fund terms, TSG would also be barred from collecting investment-banking fees that had previously been...