BERKELEY, Calif. — University of California officials released limited information Oct. 3 about its $80 million in private equity investments, after losing a court battle to keep from disclosing the information. The court ordered the university to release internal rates of return, which it sent to the plaintiffs. Two weeks ago, the California Supreme Court denied the university's appeal of a lower court ruling to release the IRRs, in a lawsuit brought by the San Jose (Calif.) Mercury News.
The newspaper, however, is requesting that the university disclose the same data that the $149 billion California Public Employees' Retirement System, Sacramento, already publishes on its website, said Trey Davis, University of California spokesman. University officials are still discussing how much information should be released, Mr. Davis said. The matter is expected to be raised at the regents investment committee meeting on Nov. 5, he said.
"The university is involved in top-tier venture capital funds, and those funds produce information as a trade secret," Mr. Davis said. "If the information is made public, the university could be cut out of funds that produce annual average returns of over 25% and a great deal of the profits." Even before the court-ordered disclosure, Sequoia Capital had asked university officials to stop investing in its funds.