Ohio Bureau of Workers' Compensation is filing a lawsuit in the Franklin County Court of Common Pleas, Columbus, Ohio, asking for guidance on whether it can release portfolio company-level data on its $428 million private equity portfolio, said Jeremy Jackson, the chief of marketing for the $15.7 billion fund.
The bureau, which has been receiving freedom of information requests on the private equity data, has been threatened with legal action by managers of the 68 private equity funds with which it has relationships. The managers oppose the release of detailed information.
Instead of releasing portfolio company data, the bureau today published performance information for each of the funds on its website. The data indicate that although the overall private equity portfolio has earned an annualized 4.5% since its 1998 inception, only 21 funds have turned a profit so far. Among the funds that are still in the red are Carlyle Ventures Partners II, a 2001 vintage fund, with a -7.59% return as of March 31, and Behrman Capital III, a 2000 vintage fund, which has returned -12.83%.
"We believe a lot of the funds are immature, given the duration of the entire commitment," Mr. Jackson said. "We expect a lot will come back."