Private investment firms paid $125 million in placement fees for CALPERS business. A study revealed placement firms receiving fees:
1. Arvco: $58,948,067
2. Tullig Inc.: $16,950,000
3. Donaldson, Lufkin & Jenrette Securities Corp.: $12,310,020
4. Credit Suisse First Boston Corp.: $10,811,681
5. UBS Securities: $8,764,970
6. DAV/Wetherly Capital Group: $5,934,011
7. Presidio Partners: $3,523,097
8. M3 Capital Partners: $3,135,650
9. Denning and Co.: $3,000,000
10. Lazard Freres & Co.: $1,750,000
It failed to note private equity underwriters (PEU's) and other money managers writing the checks. Who paid the fees? The Carlyle Group manages huge amounts for CALPERS.
The wider "pay to play" story disappears under million dollar settlements.
