California state Sen. Joe Simitian will sponsor an amendment that would allow public institutions — including the University of California, Oakland — to keep some data about their alternative investments confidential. The details are still being discussed, said Stephan Blake, chief consultant to the joint committee on the master plan for education, chaired by Mr. Simitian. One concern is that the state law requiring disclosure of confidential information makes it difficult for funds to invest in venture capital, which could comprise returns over the long term, Mr. Blake said. The bill, initially introduced in mid-February, will go into committee hearings in late April.
"We support the effort to provide an exemption for certain information that would balance the public's right to know with the university's ability to participate in these high-performing investments," said Trey Davis, director of special projects at the UC system. The UC retirement plan has $42 billion in assets, with $654 million in private equity.