Buh-bye, Bain. California Public Employees’ Retirement System, the largest pension fund in the U.S., is quitting hedge funds, fed up with sky-high fees, unimpressive performance, and too much complexity. CalPERS paid hedge fund managers $135 million in fees in the fiscal year that ended June 30. They generally charge fees of 2 percent of assets and 20 percent of returns. Calpers was one of the earliest pension funds to invest in hedge funds. Today it administers a $298 billion fund for 1.6 million retirement plan members.
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