CalPERS Dumps A Ton of Docs
CalPERS today released more than 5,000 pages worth of documents related to placement agents used to secure investments from the pension system. These are based on a recent CalPERS board request that each of its general partners provide information on who, if anyone, helped place the funds and how much was paid in fees. The submissions were voluntary, with approximately 90% of CalPERS investees replying. We're awaiting a list of the 10% that declined (a CalPERS spokeswoman said that she'd rustle one up). We have posted almost all of the disclosure forms from VC and private equity firms, although not the ones from real estate funds and certain special purpose vehicles (there's simply too much stuff). If there's a headline, it's probably that ARVCO -- the placement agency run by former CalPERS board member Alfred Villalobos -- received far more in fees (we're talking multiples) than did any other placement agent. Also the continuing story about how CalPERS has been a huge proponent of investment transparency and quality corporate governance over the years, but apparently neglected to do some fundamental recordkeeping for its own activities. Find tons of documents after the jump. Part II can be found here.
