May 25, 2016 – The Lowell Milken Institute for Business Law and Policy has issued its 2016 Private Fund Report, “Public Pension Plans and Private Funds – Common Goals and Conflicting Interests,” which focuses on several aspects of the sometimes challenging relationship between public pension funds and private funds and includes articles by leading academics and experts in the fund industry.
“Public pension funds, as a group, have been the largest or among the largest and most reliable investors in private funds,” said Joel A. Feuer, executive director of the Lowell Milken Institute for Business Law and Policy. “Yet over the past few years, some public pension funds have admitted that they don’t know how much they’re paying in fees, while others have announced paying astonishing sums to private fund managers.”
The Report explores several reasons why public pension funds have failed to gain a grip on fees and expenses charged them by private funds, and also considers the broader issues of fiduciary duty owed by public pension funds to their beneficiaries in the context of investing with private funds.
The Lowell Milken Institute recently held its Private Fund Conference on May 21st during which contributors to the Report and other thought-leaders in the fund industry examined various aspects of the difficult relationship between public pension funds and private funds.
Conference participants included:
- C. Dabney O’Riordan, Associate Regional Director, Securities & Exchange Commission
- Eileen Appelbaum, Senior Economist at the Center for Economic Policy Research
- Lorelei Graye, Independent Consultant for Conifer Financial Services
- James Park, Professor of Law at UCLA School of Law
- Paul Rose, Frank E and Virginia H. Bazler Designated Professor in Business Law, Moritz College of Law, The Ohio State University
- Leigh Anenson, Associate Professor of Law at the Robert H. Smith School of Business, University of Maryland
- Stephen Bainbridge, William D. Warren Distinguished Professor of Law at UCLA School of Law
- Ashby Monk, Executive and Research Director of the Stanford Global Projects Center
- Cary Martin Shelby, Assistant Professor of Law, College of Law, DePaul University
- Natalya Shnitser, Inaugural David and Pamela Donohue Assistant Professor in Business Law at Boston College Law School
The 2016 Private Fund Report and Conference are the third annual investigation by the Lowell Milken Institute into the issues surrounding private funds. More information is available here.
About the Lowell Milken Institute for Business Law and Policy
The Lowell Milken Institute for Business Law and Policy at UCLA School of Law supports the law school’s Business Law and Policy Specialization. It works with UCLA Law’s preeminent business law faculty in broadening curricular offerings and providing co-curricular programs for law students. In addition, the Lowell Milken Institute provides a forum for the business and legal communities to discuss cutting-edge issues and develop policy solutions to business and legal problems. Follow us on Twitter and Instagram.
About UCLA School of Law
Founded in 1949, UCLA School of Law is the youngest major law school in the nation and has established a tradition of innovation in its approach to teaching, research and scholarship. With approximately 100 faculty and 970 students, the school pioneered clinical teaching, is a leader in interdisciplinary research and training and is at the forefront of efforts to link research to meaningful change in society and the legal profession. Follow us on Facebook and Twitter.
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