(Bloomberg) If the reach for lower fees compromises returns, is it worth it? That’s a question Calpers should consider. As Bloomberg News reported late Thursday, the California Public Employees’ Retirement System is in discussions with BlackRock Inc. about managing some or all of its $26.2 billion in private equity investments. It’s still unclear how any arrangement would be structured, but BlackRock’s management of with Swiss Re’s private equity assets suggests Calpers’s platform could be managed by the investment firm’s fund-of-funds group.Such a move would result in lower fees for the biggest U.S. pension fund…