California Regents Needn’t Disclose Private-Equity Return

The University of California won a court ruling that it doesn’t have to obtain and make public records about the performance of its investments with private equity firms Sequoia Capital and Kleiner Perkins Caufield & Byers.

A California appeals court in San Francisco ruled that while the records pertain to the conduct of the UC system, a public entity that manages $82.3 billion in investments, the university doesn’t prepare or own documents detailing what it’s making on money invested with Sequoia and Kleiner. As such, the documents aren’t covered by the California Public Records Acts, the court said.