SB2869 Summary

• Exempts specific alternative investment fund records from public disclosure under Hawaii's public records law (Chapter 92F) to prevent competitive disadvantage to the Employees' Retirement System.

• Defines "alternative investments" to include private equity funds, venture funds, hedge funds, real estate funds, infrastructure funds, private credit, and other non-publicly traded investments.

• Prohibits disclosure of 11 categories of alternative investment information including private placement memoranda, fund agreements, due diligence materials, financial statements, capital calls, and limited partner meeting materials.

• Allows the system to continue publishing non-confidential aggregate performance data in its quarterly performance reports and monthly statements of investments showing fund names, commitments, market values, and returns.

• Takes effect July 1, 2020.