Disclosure of Private Equity Data

There have been two recent and noteworthy developments relating to the release of private equity performance data under state open records laws.

First, on March 10, 2003, the University of Texas Investment Management Co. (UTIMCO) requested that the new Texas Attorney General re-visit last September’s ruling regarding the disclosure of private equity fund information. The prior ruling required UTIMCO to disclose information concerning its private equity fund investments pursuant to the Texas Public Information Act, even if UTIMCO had signed a confidentiality agreement with such funds. However, the prior ruling did not compel UTIMCO to disclose information that UTIMCO received after the date of the ruling. A new ruling, if issued by the Texas Attorney General, may compel disclosure of the internal rate of return and estimated value of each of UTIMCO’s private equity fund investments from September 2002 forward. Second, on March 18, 2003, the California Public Employees’ Retirement