California Public Records Act: public investment funds.
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Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill amends California’s Public Records Act to require greater disclosure of information about public investment funds’ investments in alternative investments. Specifically, it mandates the release of performance comparisons against public market indices, details about fund managers and investors, and financial data like contributions, distributions, and fees. The bill includes exceptions for certain proprietary information, but expands disclosure requirements significantly.
Key provisions
- Requires disclosure of performance comparisons between alternative investments and public market indices.
- Mandates the release of information about general partners and managers of alternative investment vehicles.
- Requires disclosure of investment amounts contributed and distributed by public investment funds.
- Demands the release of management fees and costs associated with alternative investments.
- Requires disclosure of the net internal rate of return and investment multiple of alternative investments.
- Specifies the need to identify the enterprises or activities in which alternative investments are made.
- Addresses continuation funds, asset rollovers, and similar transactions involving alternative investments.
- Includes requirements for disclosing loan information related to debt investments within alternative investment vehicles.
Who is affected
Bill text
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