CalPERS Comes Clean on PE Firm Valuations
For the past three months, I've been fighting/begging/cajoling/shaming CalPERS to provide carrying values for its investments in Apollo Management, The Carlyle Group and Silver Lake Partners. Not in funds managed by those firms, but rather in the actual management companies. CalPERS, however, has demurred -- arguing that such investments are exempt from the system's quarterly reporting requirements. Instead, they kept telling me to wait for an annual investment report, whose publication was pushed back from last month until sometime in late March or early April. Today, however, CalPERS changed its mind. The system sent over the requested info through the end of last June. Sure it's already eight months out of date, but it still gives us a better sense of what happened to private equity firm values between the middle of 2008 and the middle of 2009. To my knowledge, these numbers have not been published elsewhere.
