HB 2634 Summary

• Requires alternative investment managers receiving capital commitments from Arizona public retirement system boards to file annual disclosures with the state treasurer detailing all fees, expenses, and compensation related to their alternative investment vehicles.

• Mandates disclosure of management fees, carried interest, portfolio holding fees, management fee waivers, indemnifications, and gross and net rates of return for alternative investments.

• Requires disclosure of compensation for alternative investment managers' named executive officers including salary, carried interest, and other SEC-regulated compensation.

• Applies to all contracts entered into or amended by retirement system boards from December 31, 2017 forward, with disclosures due within 90 days of agreement execution and annually thereafter.

• Directs the state treasurer to report findings to the joint legislative budget committee by June 30 each year and maintain the disclosed information on a public website.