CA AB2473

Exempts records regarding internally managed private loans made directly by public investment funds from disclosure under the California Public Records Act, unless already publicly released.

Protects from disclosure: due diligence materials, loan agreements, borrower identifying information, financial statements, collateral materials, and creditors' committee materials.

Requires disclosure of: borrower names and addresses, loan dollar amounts, annualized time-weighted returns, undrawn commitments, principal and interest payments, and whether loans are in default for six months or longer.

Defines "public investment fund" as the Public Employees' Retirement Fund and the Teachers' Retirement Fund under California Education Code.

Limits exemption to internally managed loans only; indirect funding through external investment vehicles remains subject to existing alternative investment disclosure rules.