The University of Texas Investment Management Company is almost certain to proceed with plans to publish performance data for individual managers following a legal ruling in favour of publication.
Houston attorney general John Cornyn ruled that UTIMCO must publicly release the investment returns of the fund, which has $1.7bn invested in private equity firms across the US and Europe.
Cornyn also ruled that firms objecting to the publication of data have no right to appeal. He added that objections should have been aired prior to the ruling, which was made late on Wednesday.
The UTIMCO board of directors voted last week to release the information in reaction to a Houston Chronicle report about how UTIMCO had reneged on an agreement announced in 1999 to publicly disclose returns on the funds.
UTIMCO has stated that it will make the performance data available by request. The fund has reportedly fallen by 15 per cent in the last twelve months. UTIMCO has invested in a broad number of firms including Advanced Technology Ventures, Crescendo, CVC Capital Partners, Morgenthaler and Atlas Venture.