DiNapoli Releases Data on Private Equity Investments
Cited in Hevesi Investigation
New York State Comptroller Thomas P. DiNapoli today released data regarding 12 direct private equity investments the New York State Common Retirement Fund (Fund) made during the Hevesi administration. The release is part of DiNapoli’s efforts to ensure the Fund is managed with accountability and transparency.
“When I took office, I set out to make our Fund the most transparent and accountable public pension fund in the nation,” DiNapoli said. “We’ve achieved that goal; no one provides more information about investments and investment decisions.
“We’re continuing, case by case, to evaluate the Fund’s options regarding the Hevesi-era investment relationships. We want to clear the clouds left hanging over the Fund by the prior administration with as much sunlight and transparency as possible.”
While the funds listed have appeared in public documents related to the investigation DiNapoli said, the firms were included in today’s release in the interest of transparency and not as an indication of potential misconduct. The information disclosed today includes the name of the investment, the amount committed, the amount contributed, the amount distributed, net asset value as of March 31, 2009, and total value to the Fund.
DiNapoli released the information after completing a careful evaluation of the Fund’s rights, obligations, and options regarding its investments. DiNapoli announced in April that the Fund had hired the law firm of Day Pitney LLP and advisor Pension Consulting Alliance to help staff review investments with firms under investigation by the State Attorney General and the Securities and Exchange Commission.
Since taking office in 2007, DiNapoli has initiated a series of reforms to address the Hevesi administration’s abuses. On April 22, DiNapoli announced a ban on the use of placement agents, paid intermediaries, and registered lobbyists in investments with the Fund. Soon after announcing the ban, DiNapoli released the list of placement agents used during Alan Hevesi’s administration. DiNapoli has also published monthly transaction reports, including the use of any third-party agent, dating back to February 2007.
Click here to view the data.