Bill > SB1319

This bill amends the California Public Records Act to require greater transparency regarding public investment funds' investments in "alternative investments," which are defined as investments in private equity funds, venture funds, hedge funds, or absolute return funds. While the existing law already exempts certain records related to these investments from public disclosure, this bill expands the list of information that must be disclosed. Specifically, it mandates the disclosure of the names of general partners or managers of alternative investment vehicles and individuals with direct or indirect interests in them, along with details about the total commitments and contributions made to these vehicles by all investors, not just the public fund. It also requires disclosure of the basis for extending the term of an alternative investment vehicle, the financial terms of any continuation funds or similar transactions, and, for certain investments, the identity and location of enterprises and employee classifications, as well as information on debt investments and the rating agencies hired by the investment vehicles. The bill asserts that these changes are necessary to ensure public access to information about public investment funds while balancing the protection of trade secrets, and it clarifies that no reimbursement is required for local agencies due to these changes.

Budget and Finance, Justice, Labor and Employment

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB1319