Case ID: UV2522
Solution ID: 1493

CalPERS versus Mercury News Disclosure Comes to Private Equity Case Solution

Case Solution

In November 2002, a California condition court needed the California Public Employees' Retirement Systems (CalPERS) to openly report its returns on private-equity opportunities. This case examines the debate all around the disclosure of private-equity returns mandated with this court decision. It offers discussions from the result of general and limited partners and also the issues all around the substantial levels of pension money committed to alternative opportunities. The CalPERS decision dovetailed with efforts through the Association for Investment Management and Research (AIMR) and also the British and European Investment Capital Associations to achieve greater agreement on disclosure standards in confirming the outcomes of private-equity opportunities. The case particulars a bouquet of standards, AIMR's Global Investment Performance Standards (GIPS), which may become effective The month of january 1, 2005. Students are requested to calculate the suggested metrics for any typical fund and assess their effectiveness to some prospective investor. More broadly, the case addresses the kind of information essential to correctly benchmark private-equity returns and also the effects of this kind of disclosure towards the industry.

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