California appeals court rules against disclosure of UC venture returns

Reuters lost a round in a bid to force the University of California to release details of the investment performance of venture capital funds in its portfolio. The court rejected the argument the the details should be released under the California Public Records Act (CPRA), ruling that since the records were not “prepared, owned used, or retained by the regents, they was not required to furnish them to the press or public. (Reuters, December 19, 2013, by Sarah McBride)

“This is not the first time a news agency has filed a lawsuit against the university to reveal such information. A landmark court decision in 2003 found the university was obligated to disclose performance information regarding university-invested funds in private equity to the San Jose Mercury News. Before the ruling, the regents received this information from Sequoia Capital and Kleiner Perkins in confidence,” wrote Kimberly Veklerov, The Daily Californian, January 7, 2014. Reuters argued that the venture fund records sould be disclosed under the CPRA since it was ultimately the public who funded the investments.