§ 21-29-2-3 — Alternative investment of institutional funds; records; disclosure

Indiana § 21-29-2-3

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 29: STATE EDUCATIONAL INSTITUTIONS:
• Ch. 2: General Powers; Board of Trustees

Text

(a) Notwithstanding any other law, the
following records regarding alternative investments in which
institutional investment funds invest are not subject to disclosure under
IC 5-14-3, unless the information has already been publicly released by
the keeper of the information:
(1) Due diligence materials that are proprietary to the institutional
investment fund or the alternative vehicle.
(2) Quarterly and annual financial statements of alternative
investment vehicles.
(3) Meeting materials of alternative investment vehicles that
contain individual portfolio holdings.
(4) Records containing information regarding the underlying
portfolio positions in which alternative investment vehicles
invest.
(5) Capital call and distribution notices.
(6) Alternative investment agreements and all related documents.
(b) Notwithstanding subsection (a), the following information
contained in records described in subsection (a) regarding alternative
investments in which institutional investment funds invest is subject to
disclosure under this chapter and is not considered a trade secret or
confidential financial information exempt from disclosure:
(1) The name, address, and vintage year of each alternative
investment vehicle.
(2) The dollar amount of the commitment made to each
alternative investment vehicle by the institutional investment fund
since inception.
(3) The dollar amount of cash contributions by the institutional
investment fund to each alternative investment vehicle since
inception.
(4) The dollar amount, on a fiscal year-end basis, of cash
distributions received by the institutional investment fund from
each alternative investment vehicle.
(5) The dollar amount, on a fiscal year-end basis, of cash
distributions received by the institutional investment fund plus the
remaining value of partnership assets attributable to the
institutional investment fund's investment in each alternative
investment vehicle.
(6) The net internal rate of return of each alternative investment
vehicle since inception.
(7) The investment multiple of each alternative investment
vehicle since inception.
(8) The schedule of management fees and costs assessed by each
alternative vehicle to the institutional investment fund.
(9) The dollar amount of cash profit received by institutional
investment funds from each alternative vehicle on a fiscal
year-end basis.
(c) The following definitions apply throughout this section:
(1) "Alternative investment" means an investment in a private
equity fund, real estate fund, venture fund, hedge fund, natural
resource, or absolute return fund.
(2) "Alternative investment vehicle" means a limited partnership,
limited liability company, or similar legal structure that is not
publicly traded through which an institutional investment fund
invests in portfolio companies.
(3) "Institutional investment fund" means a fund that consists of
money managed in an endowment fund, including a
quasi-endowment, and the returns on the endowment fund, that is
held and invested by a state educational institution.
(4) "Portfolio positions" means individual portfolio investments
made by alternative investment vehicles.

Legislative History

As added by P.L.226-2007, SEC.4. Amended by P.L.1-2010, SEC.84.