HI HB2104

Exempts the Hawaii Employer-Union Health Benefits Trust Fund from public disclosure requirements under Hawaii Revised Statutes chapter 92F for eleven categories of alternative investment information.

Confidential documents exempted from disclosure include private placement memoranda, investment agreements, due diligence materials, financial statements, and limited partner meeting materials related to private equity, hedge funds, real estate funds, and similar private market investments.

Permits the trust fund to maintain confidentiality of alternative investment details to remain competitive with other investors and prevent disclosure of proprietary investment intelligence that could disadvantage the fund's access to high-performing investments.

Trust fund continues to make non-confidential aggregate performance data publicly available in quarterly performance reports showing rates of return across various time periods for the entire investment portfolio.

Effective date December 25, 2040.