Private equity groups - Local authorities confused

Private equity groups - Local authorities confused

A number of private equity groups in the UK are fighting against an attempt made under the Freedom of Information Act to force them to disclose information. Figures have ben requested on the returns made by local authority pension funds that invest in private equity funds.

Private Equity Intelligence, the company behind the request, has used similar disclosure laws in the US to obtain information which it resells to subscribers. Many of the local authorities are expected to refuse the requests on the basis of confidentiality. However many are arguing that there is a great deal of confusion over what the law requires them to reveal.

Private equity groups battle to keep secrets (Financial Times, 17 January 2005)