The Myth of Private Equity by Jeffrey Hooke
Author:Jeffrey Hooke
Language: eng
Format: epub
Tags: BUS036000, Business & Economics/Investments & Securities/General, BUS079000, Business & Economics/Government & Business
Publisher: Columbia University Press
Published: 2021-10-05T00:00:00+00:00
Source: Meketa Investment Group.
Wall Street investment management fees can be a considerable part of state expenditures. For example, Marylandâs $496 million in fees in fiscal 2019 was roughly equal to the stateâs entire budget for higher education financial aid.14 Because the pension planâs investment expenses are off-budget, a common practice among states, the Maryland legislature does not vote on such fees. States, universities, and foundations should take note of what others are paying. In 2020, New Jerseyâs stand-alone PE fees as a percent of underlying PE assets were 2.8 percent. Total alternative asset investment expenses (including PE) were 2.6 percent of the underlying assets. Applying this 2.6 percent metric to the Ford Foundationâs $14 billion endowment, which is 60 percent invested in alternative assets, suggests $215 million in such fees, about 40 percent of Fordâs annual grant total. In an email, Ford Foundationâs chief investment officer, Eric Doppstadt, disputed this calculation and suggested, without evidence, that the foundationâs fees are lower than New Jerseyâs.15
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