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California Government Code Section 6254.26

Legal Research Home > California Lawyer > Government Code > California Government Code Section 6254.26

(a) Notwithstanding any provision of this chapter or other
law, the following records regarding alternative investments in
which public investment funds invest shall not be subject to
disclosure pursuant to this chapter, unless the information has
already been publicly released by the keeper of the information:
   (1) Due diligence materials that are proprietary to the public
investment fund or the alternative investment vehicle.
   (2) Quarterly and annual financial statements of alternative
investment vehicles.
   (3) Meeting materials of alternative investment vehicles.
   (4) Records containing information regarding the portfolio
positions in which alternative investment funds invest.
   (5) Capital call and distribution notices.
   (6) Alternative investment agreements and all related documents.
   (b) Notwithstanding subdivision (a), the following information
contained in records described in subdivision (a) regarding
alternative investments in which public investment funds invest shall
be subject to disclosure pursuant to this chapter and shall not be
considered a trade secret exempt from disclosure:
   (1) The name, address, and vintage year of each alternative
investment vehicle.
   (2) The dollar amount of the commitment made to each alternative
investment vehicle by the public investment fund since inception.
   (3) The dollar amount of cash contributions made by the public
investment fund to each alternative investment vehicle since
inception.
   (4) The dollar amount, on a fiscal yearend basis, of cash
distributions received by the public investment fund from each
alternative investment vehicle.
   (5) The dollar amount, on a fiscal yearend basis, of cash
distributions received by the public investment fund plus remaining
value of partnership assets attributable to the public investment
fund's investment in each alternative investment vehicle.
   (6) The net internal rate of return of each alternative investment
vehicle since inception.
   (7) The investment multiple of each alternative investment vehicle
since inception.
   (8) The dollar amount of the total management fees and costs paid
on an annual fiscal yearend basis, by the public investment fund to
each alternative investment vehicle.
   (9) The dollar amount of cash profit received by public investment
funds from each alternative investment vehicle on a fiscal year-end
basis.
   (c) For purposes of this section, the following definitions shall
apply:
   (1) "Alternative investment" means an investment in a private
equity fund, venture fund, hedge fund, or absolute return fund.
   (2) "Alternative investment vehicle" means the limited
partnership, limited liability company, or similar legal structure
through which the public investment fund invests in portfolio
companies.
   (3) "Portfolio positions" means individual portfolio investments
made by the alternative investment vehicles.
   (4) "Public investment fund" means any public pension or
retirement system, and any public endowment or foundation.

Last modified: January 12, 2009