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Earlier this month, PitchBook — the go-to news outlet of the private equity industry — declared that “private equity returns are a major threat to pension plans’ ability to pay retirees in 2023”.
With more than one in 10 public pension dollars invested in private equity assets — and with states continuing to keep their private equity contracts secret — PitchBook cited a new study finding that losses from the investments may be on the horizon for retirement systems that support millions of teachers, firefighters, first responders and other government employees.
"They break our legs and tell us to be grateful when they offer us crutches."