The private equity disclosure battle took an unexpected turn last week when the California Public Employees’ Retirement System (CalPERS) revealed that it once published partial valuation information on approximately 850 California-based private companies in which it had invested. The information appeared in both a printed brochure and on the pension system’s Web site, according to court papers filed with the San Francisco Superior Court as part of an ongoing open records suit against CalPERS by the San Jose Mercury News.
The released data did not include complete portfolio company valuations, altrhough CalPERS did list the company name, its industry, what partnership it had invested in the company though (if indirect) and the market value of CalPERS’ particular investment. What CalPERS did not reveal was its ownership stake in each company, so overall valuations could not be determined, just mark-ups or write-downs.
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