CalPERS To Remove Posted Fund Performance Data

September 7, 2005 ( - California Public Employees' Retirement System (CalPERS) has decided to remove from its Web site buyout and venture capital fund performance data, in response to backlash from private equity firms whose funds were mentioned.

According to The Deal, the data included the cumulative internal rates of return for every private equity fund the pension plan has invested in from 1990 to December 2000 and was color-coded to highlight poorly performing funds.   The site was receiving more objections in the last two months as buyout companies were realizing the detail included in the data.

Just this past December, as part of a lawsuit settlement, CalPERS agreed to provide the dollar amount of gains and profits from private equity funds from 1999 to 2003 (See  CalPERS Settles Private Equity Data Release Lawsuit ).   But, this week, CalPERS spokesman Pat Macht said, “We’re not going to be disclosing this kind of information because we feel more work needs to be done to engage a standard reporting mechanism,” according to The Deal.

A set of guidelines for venture capital disclosures is currently working its way through the state’s legislature (See  Golden State Guidelines Proposed for Venture Capital Disclosures ).