"Newly hired managers for part of New York City’s $108 billion pension might be fired if they criticize workers’ benefits, according to a trustee of the police retirement fund.
...It would be difficult for a pension fund to terminate its current commitments to a manager because of the long-term nature of the private-equity asset class, said Andrew Wright, a partner at Kirkland & Ellis LLP in New York.
'It’s one thing for an investor in a hedge fund to submit a redemption request,' he said. 'It’s another thing for an investor to seek to cash out of a closed-ended private equity fund that makes investments into illiquid securities over a 10- year period.'”
This article appeared in its entirety in the February 14, 2011 edition of Bloomberg News.