Introduction Over the last several decades, U.S. public pension funds have undergone a dramatic shift in investment strategy, with traditional stocks and bonds increasingly displaced by “alternative” investments, mainly hedge funds, private equity and co-mingled “real assets.”[1] The typical public pension fund now has nearly a quarter of its portfolio invested in alternatives[2]—structured as private, co-mingled funds that are generally less regulated,[3] more opaque, [4] volatile and, most significantly, charge much higher fees to investors.[5]...