CalPERS appeals for higher capital gains tax

Dear, chief investment officer at the California-based fund, openly supported the measures proposed by US president Obama, among others, to increase taxes on capital gains.

While the tax only amounts to 15% in the United States, some European countries are far ahead in closing loopholes for private equity. Swedish capital gains tax stands at 30%, while the UK's is set at only 18%.

Several European countries including Sweden, France and Germany have recently begun the process of raising these rates. 

Dear argued that increasing income disparities were a reason for the private equity industry to embrace higher taxes, particularly in times of economic turmoil.

The California Public Employees' Retirement Scheme is one of the largest public pension funds in the world with around $230bn of assets under management. Approximately $34bn are invested in private equity funds.

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