New York pensions chief says private equity firm sought to expense jet use - Financial Times

The Financial Times reports that the chief of New York's public pension system has said a private equity firm sought to have the use of a jet charged as an expense. The headline is the only substantive text available from the primary source, as the remainder of the page consists of subscription offers. Expense treatment of private aircraft is a recurring issue for limited partners, since fund documents typically determine which costs may be passed through to portfolio companies or charged to fund vehicles rather than borne by the manager.

Allocators reviewing general partner expense practices will likely track how the pension chief's comments are received and whether the matter prompts changes to limited partner agreement terms or audit requirements. Details such as the identity of the firm, the amounts involved, and whether the request was approved or rejected are not available in the source material reviewed for this summary.