Bloomberg – California Public Employees’ Retirement System is leading a push by investors in private- equity funds for lower fees and more disclosure. So far, only a small number of fund managers is making concessions, and they are limited.

Blackstone Group LP and First Reserve Corp. have held fee talks on new funds for infrastructure investments, according to people familiar with the firms. Carlyle Group, PAI Partners and TPG have changed terms or allowed investors to cut commitments, and Fortress Investment Group LLC told an investor this month it may consider lowering management fees. Avenue Capital Group is offering clients lower fees for a new distressed fund, said two people familiar with the talks.

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