Regulatory requirements and painful past experiences in money management (e.g., Madoff and other high profile frauds) have put transparency high on the priority list for institutional investors as well. According to the New York Times, “Earlier this year, a senior executive of the California Public Employees’ Retirement System, the country’s biggest state pension fund, made a surprising statement: The fund did not know what it was paying some of its Wall Street managers.” The investment agreements that institutional investors often give enormous leeway to managers to pass questionable costs on to their investors.. Recently, the Carlyle Group passed on their limited partners the cost of a $115 million settlement of a insider trading lawsuit - clearly a failure of its own internal management. The opacity of these arrangements creates an opportunity for companies such as Vitrio, Novus, and AcordIQ which provide technology platforms to institutional investors for systematic oversight of fund managers. Scott Evans, CIO of the New York City Retirement Systems, one of the largest public pension systems in the US, and other industry leaders are beginning to establish best practices around a revamped due-diligence and ongoing governance process to increase their insight and systematically build transparency in their investment programs.