Private equity pop

Pension funds and endowments saw private equity returns bounce back for the fiscal year ended June 30. In fact, PE returns topped those for every other investment category for California Public Employees' Retirement System (CalPERS), California State Teachers' Retirement System (CalSTRS) and Harvard Management Co.

Last week, CalPERS reported that its net return on investment was 13.3%, led by a 23.9% return for private equity investment, known as alternative investment management (AIM). That was followed by 20.4% for global fixed income; 14.4% for public stocks; 8.7% for bonds; and -10.8% for real estate...