Private-equity firms reaped $3.4 billion in profit sharing for investing on behalf of the California Public Employees’ Retirement System since 1990, the sort of gains that have led to debate over why Wall Street pays lower taxes than most American workers.

The $295 billion pension fund Tuesday disclosed for the first time data on carried interest earned from buying and selling companies. That money is taxed as capital gains rather than income, which faces higher levies. Calpers shares the proceeds with managers of more than 700 private-equity funds, including those run by Carlyle Group LP, Blackstone Group LP and Apollo Global Management LLC.

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