Freedom of Information Act
2005:
IVCA secures clarification of Freedom of Information Act for Private
Portfolio
Company Information – Public Act
94-0508
In August 2005, after three years of consideration, legislation protecting the commercially sensitive information of companies that receive private equity funding from public pension funds was enacted. This legislation clarified the existing protection of this sensitive commercial or financial information under the trade secrets provision of the state’s Freedom of Information Act.
As more and more public pension funds invested in private equity, the following issue became more heated: the public’s right to transparency in the investment of public funds versus the need for protecting sensitive and confidential private portfolio company information underlying private equity funds. Several lawsuits were brought against major public pension funds, and these funds were beginning to deny public pension fund investments in their funds.
To ensure that Illinois public pension funds would continue to have access to private equity investments, the IVCA lobbied successfully to add a clarification to the law, which now provides the public with additional information regarding to public funds’ investment in private equity while also ensuring that sensitive and confidential portfolio company information is protected from public disclosure.
View detailed PDF
