An Alameda County Superior Court judge has ruled that the University of California must disclose how its investments in two of Silicon Valley’s top venture capital firms have performed. A lawsuit filed last year by Reuters alleges that UC — by allowing Sequoia Capital and Kleiner Perkins Caufield and Byers to provide only partial information on their financial returns — is flouting a state law requiring disclosure of how public investments fare… UC officials argued, as had CalPERS, that to disclose those results would lead many venture firms to turn them away as investors. Indeed, Olson said Sequoia at one point threatened to cut the university system out of future funds. After a judge ruled against the university and the California Supreme Court declined to hear its appeal, UC and CalPERS officials reached out to Simitian, then a freshman state senator. He crafted a bill that clarified how much investment firms that take public money must disclose.

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by Peter Delevett, San Jose Mercury News.

Posted: February 6th, 2013, by: admin. Categories: . Awaiting Comments.