Foia Request-Investments
| Submitted | Sept. 12, 2023 |
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Communications
From: Jake Hujar
To Whom It May Concern:
Pursuant to the Virginia Freedom of Information Act, I hereby request the following records:
Hello,
I am currently seeking updated quarterly performance data from Richmond Retirement System alternative asset holdings for the following date(s): 1Q2013 up to 2Q2023
As always, thank you in advance for the time you take in sending me the responsive documents. Please feel free to let me know if there is anything i can do on my side to make this process easier for you.
On behalf of PitchBook Data, Inc., under the Virginia Freedom of Information Act, I request a copy of the quarterly public record of 1Q2013 up to 2Q2023 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 Richmond Retirement System portfolio.
2. Commitments made to each partnership.
3. Contributions drawn down since inception.
4. Distributions made to Richmond 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 Richmond 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 Richmond Retirement System portfolio.
13. Month by Month Market Value for each hedge fund holding (including hedge fund of funds) since Richmond Retirement System initial investment up to 2Q23.
14. Month by Month Contributions to each hedge fund holding (including hedge fund of funds) since Richmond Retirement System initial investment up to 2Q23.
15. Month by Month Returns (net of fees) earned by Richmond Retirement System for each hedge fund holding (including hedge fund of funds) since initial investment up to 2Q23.
16. Investment memorandum used by the Richmond Retirement System investment committee and investment consultants providing consultation to the Richmond Retirement System regarding private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships being considered for investment by the Richmond Retirement System portfolio.
17. All due diligence materials and presentation materials produced by the General Partners in the course of the Richmond 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.
Best Regards,
Jake
The requested documents will be made available to the general public, and this request is not being made for commercial purposes.
In the event that there are fees, I would be grateful if you would inform me of the total charges in advance of fulfilling my request. I would prefer the request filled electronically, by e-mail attachment if available or CD-ROM if not.
Thank you in advance for your anticipated cooperation in this matter. I look forward to receiving your response to this request within 5 business days, as the statute requires.
Sincerely,
Jake Hujar
From: Richmond Retirement System
Good Afternoon,
The estimated cost for this FOIA request is $2,970.58. The RRS will not continue to process the request until the deposit has been received in the amount of the estimate. Please remit payment to the Richmond Retirement System, 730 E. Broad Street, Ste 900, Richmond, VA, 23219.
Thank you,
Kia J. Johnson
Senior Deputy Director
Richmond Retirement System
730 E. Broad Street
Suite 900
Richmond, VA 23219
804-646-6588 Direct Line
804-229-7478 Work cellular
804-646-5299 Fax
From: Jake Hujar
To Whom It May Concern:
Please find enclosed a check for $2970.58 to satisfy the fee associated with the attached public records request.
Thank you.
Richmond Retirement System
FOIA Office
Suite 900
730 E. Broad Street
Richmond, VA 23219
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 Sept. 12, 2023. 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: Richmond Retirement System
We received the check last week and plan to have the information ready to upload tomorrow.
Thank you,
Kia
Kia J. Johnson
Senior Deputy Director
Richmond Retirement System
730 E. Broad Street
Suite 900
Richmond, VA 23219
804-646-6588 Direct Line
804-229-7478 Work cellular
804-646-5299 Fax
From: Richmond Retirement System
We have uploaded quarterly alternative investment reports from 4Q 2018 up to 1Q 2023 to your website. 2Q 2023 data is limited to hedge funds, which we also provided, as the June 30, 2023 closed end fund data is not yet available. These data are in conformance with the Code of Virginia § 2.2-3705.7. (12) (24).
The data from 1Q 2013 through 3Q 2018 was produced by our former investment consultant and extracting that data is possible but will take longer and will be time very consuming. Would you be willing to modify your request by accepting the 4Q 2018 to 2Q 2023 submitted data at no charge and we will return your $2,970.58 check to you? We are also willing to send you on an ongoing quarterly basis, upon request, our alternative investment data in conformance with the Code of Virginia. Please let us know if this is acceptable.
We would also like to point out that some of your request is a duplicate as we receive ongoing FOIA requests from your organization and have fulfilled them. On September 22, 2023, we received a FOIA request for 2Q 2023 hedge fund data from Nanette Lee at Muckrock News. We sent that data in a timely manner and have delivered other quarterly hedge fund requests to Muckrock in the past.
Thank you for your consideration and please let us know how you would like to proceed.
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From: Richmond Retirement System
Good Afternoon Jake,
We have uploaded quarterly alternative investment reports from 4Q 2018 up to 1Q 2023 to your website. 2Q 2023 data is limited to hedge funds, which we also provided, as the June 30, 2023 closed end fund data is not yet available. These data are in conformance with the Code of Virginia § 2.2-3705.7. (12) (24).
The data from 1Q 2013 through 3Q 2018 was produced by our former investment consultant and extracting that data is possible but will take longer and will be time very consuming. Would you be willing to modify your request by accepting the 4Q 2018 to 2Q 2023 submitted data at no charge and we will return your $2,970.58 check to you? We are also willing to send you on an ongoing quarterly basis, upon request, our alternative investment data in conformance with the Code of Virginia. Please let us know if this is acceptable.
We would also like to point out that some of your request is a duplicate as we receive ongoing FOIA requests from your organization and have fulfilled them.
From: Richmond Retirement System
Good Morning,
I am checking back on our question highlighted below. Please let me know and Thank you,
Kia J. Johnson
Senior Deputy Director
Richmond Retirement System
730 E. Broad Street
Suite 900
Richmond, VA 23219
804-646-6588 Direct Line
804-229-7478 Work cellular
804-646-5299 Fax
From: Richmond Retirement System
Good Afternoon,
Here are the remaining files requested.
Thank you,
Kia Johnson
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From: Richmond Retirement System
This FOIA request is complete
Files
pages
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