University of California not obliged to disclose fund returns

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courthouse_lrgA US court has ruled that the University of California is not required to report the performance of funds in its portfolio.

A panel of judges has reversed a decision made by another court in October last year, which said that the University should obtain and disclose such information after Reuters America filed a lawsuit requesting performance information on funds managed by Kleiner Perkins Caufield & Byers and Sequoia Capital.

Reuters argued that the public should have access to the funds’ performance information.

“No words in this statute suggest that the public entity has an obligation to obtain documents” unless a document is “prepared, owned, used or retained by a public entity, it is not a public record under the CPRA,” the judges wrote, according to Reuters.

A Reuters spokeswoman said, “We are obviously disappointed by the court’s ruling and continue to believe the records are not only in the public interest, but should be disclosed under the California Public Records Act.”

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