UK pension funds welcome calls from Richard Hayes, senior investment officer for the California Public Retirement System (Calpers), the world's largest pension fund, for a standardisation of how private equity funds report returns.

Hayes oversees Calpers' alternative investment management programme, which has more than $14bn (€15.2bn) committed to private equity. Speaking at a private equity conference in New York this week, he said that a standardised system would make it easier to measure fund performance.