UPDATE 2-CalPERS shared $3.4 bln in private equity profits over 25 years

SAN FRANCISCO, Nov 24 (Reuters) - The nation's largest public pension, the California Public Employees' Retirement System, said on Tuesday that it had paid $3.4 billion to private equity firms in profit-sharing over the past 25 years - a big step to opening the curtain on an industry known for its lack of transparency and high fees.