09/20/2009 05:12 am ET Updated May 25, 2011

Pension Plans' Private-Equity Cash Depleted As Profits Shrink

U.S. pension funds contributed to the record $1.2 trillion that private-equity firms raised this decade. Three of the biggest investors, state pensions in California, Oregon and Washington, plunked down at least $53.8 billion. So far, they only have dwindling paper profits and a lot less cash to show the millions of policemen, teachers and other civil servants in their retirement plans.

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