Hey CalPERS: Where's That Investment Report?
Late last year, I wrote about about my fruitless battle to obtain performance data on CalPERS' investments in the management companies of Apollo Global Management, The Carlyle Group and Silver Lake Partners. CalPERS had invested far more in each of these firms than it had in private equity funds, but for some reason released the former annually and the latter quarterly. Moreover, the Annual Investment Report was seven months old the day it was released, and 18 months old before being updated (reports published in January, based on data from the end of the previous June). My lawyers and their lawyers emailed back-and-forth, but we couldn't penetrate their stonewall (CalPERS' dual rationales -- trade secret and secondary sales -- were code for CYA from an embarassed investment staff). We considered pursuing the matter, but figured we'd first
