They usually aren’t wealthy enough to land high-powered private equity or hedge fund investments. So they turn elsewhere.

State retirement system pegs the shortfall at $83 million, but Beshear says it’s $25 million.

GMO co-founder, a climate change activist, compares their paltry returns to the S&P 500’s tripling over 10 years.

Fund is asking for a wide range of ideas on structural changes to its oversight.

Auctions will take place each year in February, May, August, and November.