FOIA Request - Investments
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| Submitted | Nov. 10, 2020 |
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Communications
From: Tom Nash
To Whom It May Concern:
I hope this finds you well. I am currently seeking updated quarterly performance data from your plan’s alternative asset holdings for the following date(s): 3Q 2020.
As always, thank you in advance for the time you take in sending me the responsive documents, and below follows the formal request:
On behalf of PitchBook Data, Inc., under Virginia Freedom of Information Act, I request a copy of the quarterly public records from 3Q 2020 for the following information, preferably in Excel or PDF format.
1. Names and vintage years of all private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships in Fairfax County Employees' Retirement System's portfolio.
2. Commitments made to each partnership.
3. Contributions drawn down since inception.
4. Distributions made to Fairfax County Employees' Retirement System to date by each individual partnership.
5. Net Asset Value of each partnership.
6. Internal rates of return (IRRs) for each partnership with and without the use of credit facility. Please note if the IRRs are not net.
7. Investment multiple (TV/PI) for each individual partnership.
8. The dollar amount of “total management fees and costs paid” for each individual partnership.
9. Date as of which all the above data was calculated.
10. Names of all alternative asset partnerships partially and fully sold by Fairfax County Employees' Retirement System, including date of sale.
11. For each fund, please indicate whether or not the fund uses Subscription Credit Facilities.
I also request a copy of any disclosable documents which contain some or all of the following information:
12. Names of all hedge fund holdings (including hedge fund of funds) in Fairfax County Employees' Retirement System's portfolio.
13. Month by Month Market Value for each hedge fund holding (including hedge fund of funds) since Fairfax County Employees' Retirement System's initial investment up to 3Q 2020.
14. Month by Month Contributions to each hedge fund holding (including hedge fund of funds) since Fairfax County Employees' Retirement System's initial investment up to 3Q 2020.
15. Month by Month Returns (net of fees) earned by Fairfax County Employees' Retirement System for each hedge fund holding (including hedge fund of funds) since initial investment up to 3Q 2020.
16. Investment memorandum used by the Fairfax County Employees' Retirement System investment committee and investment consultants providing consultation to the Fairfax County Employees' Retirement System regarding private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships being considered for investment by the Fairfax County Employees' Retirement System portfolio.
17. All due diligence materials and presentation materials produced by the General Partners in the course of the Fairfax County Employees' Retirement System conducting due diligence on investments into any private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships.
18. For each fund, please indicate whether or not the fund uses Subscription Credit Facilities.
If there are any fees for searching for, reviewing, or copying the records, please inform me before you task the request. If you deny all or any part of this request, please cite each specific exemption you think justifies your refusal to release the information and notify me of appeal procedures available under the law.
Please do not hesitate to contact me with any questions. My full contact information is listed below.
Thank you in advance for your help on this request.
Tom Nash
From: Muckrock Staff
To Whom It May Concern:
I wanted to follow up on the following Virginia Freedom of Information Act request, copied below, and originally submitted on Nov. 10, 2020. Please let me know when I can expect to receive a response.
Thanks for your help, and let me know if further clarification is needed.
From: Fairfax County Employees' Retirement System
Dear Mr. Nash,
I hope this message finds you and your loved ones safe and well!
My name is Jennifer Snyder and I'm the FOIA coordinator for Fairfax County's Employees' Retirement System. I have received your request for records, a copy of which is attached.
Please be advised that the Virginia FOIA grants access to public records to citizens of the Commonwealth of Virginia, representatives of newspapers and magazines with circulation in the Commonwealth, and representatives of radio and television stations broadcasting in or into the Commonwealth. Va. Code Ann. § 2.2-3704(A). Accordingly, please provide your Virginia address at your earliest convenience.
In the meantime, some of the information you have requested is available online here: https://www.fairfaxcounty.gov/retirement/financial-publications
We appreciate your interest in the County's Retirement Systems and if there's any more we can do, please feel free to reach out to me.
Thank you,
Jennifer Snyder
Investment Operations Manager
[cid:image001.jpg@01D6BCC8.C9F731F0]
Fairfax County Retirement Systems
12015 Lee Jackson Memorial Hwy., Suite 350
Fairfax, VA 22033
Direct: 703-279-8250
Fax: 703-653-9543
jennifer.snyder@fairfaxcounty.gov<mailto:jennifer.snyder@fairfaxcounty.gov>
The foregoing may be privileged and confidential communication. If you are not the intended recipient, please delete this message and notify me immediately.
If this message provides information about the Fairfax County Retirement Systems and there is a conflict between the information contained in this e-mail and the provisions of the Fairfax County Retirement Codes, the provisions of the appropriate Plan and Regulations will govern.
From: Muckrock Staff
Hello,
Please see attached for proof of residency. Thank you for your help with this request!
From: Fairfax County Employees' Retirement System
Hello Mr. Nash. I hope you’ve enjoyed the holidays!
Thank you so much for providing proof of your residency in this great Commonwealth!
I have researched your request and made notes of the details of records that are responsive to your request. Please see my notes in red/bold below.
The information you have requested for items 1, 2, 5, and 12 has been made available to the public, online here: https://www.fairfaxcounty.gov/retirement/financial-publications. I hope this information is helpful.
Items for items 8, 9, and 17 no public records exist. Please be advised that VFOIA “applies to requests for public records, not requests for information or for answers to questions.” VFOIA Advisory Council Op. AO-06-05 (May 31, 2005). To that end, if this were a request cognizable under VFOIA, because it is a request for information rather than one seeking public records, no response would be required.
For items 12, 13 and 14, there are 1,110 document responsive to this request.
$48/hr for Investment Ops collection and redaction of 1,110 documents with an estimated time of 14 hours. $672.
$57/hr for the review of collected documents, with an estimated time of 2 hours. $114.
Therefore, I estimate the fees associated with your request to be $786.
The difference between the $48/hour and the $57/hour is the differing hourly wage rates related to the varied complexity of the records implicated under the request and the necessity of having a more senior employee review a portion of the records.
Pursuant to Va. Code Ann. § 2.2-3704(H), the County requires payment prior to processing your VFOIA request because the estimated costs will exceed $200. If you wish to continue with your VFOIA request, please send a check made payable to the “County of Fairfax” in the amount of $786 to me at the address below made payable to the County of Fairfax at the address included below. To the extent that the actual costs may increase, you will be required to pay any additional costs, and if the actual costs are less than estimated, the County will refund you the difference.
I await your response and stand ready to service your request.
Sincerely,
Jennifer Snyder
Fairfax County Retirement Systems
12015 Lee Jackson Memorial Hwy., Suite 350
Fairfax, VA 22033
1. Names and vintage years of all private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships in Fairfax County Employees' Retirement System's portfolio. 23 Funds.
2. Commitments made to each partnership. 23 Funds.
3. Contributions drawn down since inception. No such report exists.
4. Distributions made to Fairfax County Employees' Retirement System to date by each individual partnership. No such report exists.
5. Net Asset Value of each partnership. 23 Funds.
6. Internal rates of return (IRRs) for each partnership with and without the use of credit facility. Please note if the IRRs are not net. No such report exists.
7. Investment multiple (TV/PI) for each individual partnership. No such report exists.
8. The dollar amount of “total management fees and costs paid” for each individual partnership. 23 Funds, no public records exist.
9. Date as of which all the above data was calculated. 23 Funds, no public records exist.
10. Names of all alternative asset partnerships partially and fully sold by Fairfax County Employees' Retirement System, including date of sale. No such report exists.
11. For each fund, please indicate whether or not the fund uses Subscription Credit Facilities. No such report exists.
I also request a copy of any disclosable documents which contain some or all of the following information:
12. Names of all hedge fund holdings (including hedge fund of funds) in Fairfax County Employees' Retirement System's portfolio. 13 funds.
13. Month by Month Market Value for each hedge fund holding (including hedge fund of funds) since Fairfax County Employees' Retirement System's initial investment up to 3Q 2020. 1,110 documents.
14. Month by Month Contributions to each hedge fund holding (including hedge fund of funds) since Fairfax County Employees' Retirement System's initial investment up to 3Q 2020. No such report exists.
15. Month by Month Returns (net of fees) earned by Fairfax County Employees' Retirement System for each hedge fund holding (including hedge fund of funds) since initial investment up to 3Q 2020. 1,110 documents.
16. Investment memorandum used by the Fairfax County Employees' Retirement System investment committee and investment consultants providing consultation to the Fairfax County Employees' Retirement System regarding private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships being considered for investment by the Fairfax County Employees' Retirement System portfolio. No such report exists.
17. All due diligence materials and presentation materials produced by the General Partners in the course of the Fairfax County Employees' Retirement System conducting due diligence on investments into any private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships. 23 Funds, no public records exist.
18. For each fund, please indicate whether or not the fund uses Subscription Credit Facilities. No such report exists.
Jennifer Snyder
Fairfax County Retirement Systems
Investment Operations Manager
Direct: 703-279-8250
Cell: 703-785-8956
Fax: 703-653-9543
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