The portion of a California bill that would have shielded public records disclosure of non-publicly traded real estate has been deleted.
However, the bill now authorizes pension fund boards in California to go into closed session to discuss possible certain alternative investments, including making investment decisions. Current law allows pension fund boards to go into closed session only to consider the purchase or sale of specific pension fund investments. In the bill, alternatives are considered to be investments in a private equity fund, venture capital fund, hedge fund or absolute-return fund. Otherwise, state law requires meetings of pension fund boards as well as boards of local agencies to be held in public.
The bill passed the Assembly on May 16 and is currently before the Senate.
