OH HB540

Five Ohio state retirement system boards (Public Employees, Police and Fire, State Teachers, School Employees, and State Highway Patrol) must require annual disclosure from alternative investment vehicles including private equity, venture, hedge, real estate, and absolute return funds

Required disclosures include fees and expenses paid to fund managers, carried interest distributions, portfolio company fees, gross and net rates of return since inception, and investment multiples

Each board must compile and present an annual written report at a public meeting within one year of the effective date, detailing investment vehicle names, addresses, commitment amounts, cash distributions, management fees, and profits

Requirements apply to all new contracts and existing contracts with new capital commitments after the effective date; boards must make "reasonable efforts" to obtain information on pre-existing investments

"Related party" is broadly defined to include entities with more than 10% ownership by fund personnel and service providers regularly engaged by portfolio companies